Ecuador Central Bank Revises 07 GDP Growth Forecast To +2.65%
Monday December 24th, 2007 / 0h07
QUITO -(Dow Jones)- Ecuador's economy is poised to expand 2.65% this year, lower than the last 3.4% growth forecast in August and lower than the 3.9% growth posted in 2006, the Central Bank said Sunday. For 2008 the Central Bank expects the Ecuadorean economy to grow 4.25%. According to a Central Bank press release, the better expected performance for next year is due in part to a rise in government investments, and to developments in the oil sector. According to the Central Bank forecast, in 2007 non-oil GDP will have expanded by 5.3% and oil GDP will have contracted by 9.8%, amid the weakness in oil production. Broken down by sector, the monetary authority expects financial intermediation to show the most significant growth, of 9% in 2007. Supply of electricity and water will have risen 7.5%; agricultural will be up 4.9%; transportation and communications, will have risen 4.7%; retail, transportation and communications will have expanded 5% each; manufacturing will be up 4.6% and construction will have risen 4.5%. By contrast mining and oil sectors are expected to have fallen 9.5%. -By Mercedes Alvaro, Dow Jones Newswires; 5939-9728-653; mercedes.alvaro@dowjones.com
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