Ecuador Economy Grows 5.6%

According to Central Bank figures, Ecuador’s economy expanded 5.6% in the first quarter of the year, against first-quarter growth of 4.6% for the same period in 2005. Expansion was driven by the oil sector, which grew 2.7%, and by record growth in the fishing sector of 43.3% compared with the previous year. Manufacturing expanded by just over 9% during the first three months of the year while retail rose almost 6%. Ecuador’s economy grew by 4.7% last year and growth of 3.9% is forecast for this year.