Ecuador GDP Grows By 2.9%

Ecuador’s GDP grew by 2.9% year-on-year in the second quarter of 2005, compared with 10% in the same period last year. The drop in growth is due to the crisis in the oil sector earlier this year, which saw a fall in oil production of 4.5%. Between April and June this year non-oil sectors of the economy grew by 3.2%; when the oil sector is included it contracted by 2.8%.