Ecuador's Economic Turnaround: From Decline to Recovery

Ecuador experienced a 2.0% drop in its GDP in 2024 due to decreased private consumption, according to the central bank. The economy shrank by 0.9% in Q4 compared to the previous year. However, a 2.8% growth in GDP is anticipated for 2025, signaling recovery.

Ecuador's central bank announced that the nation's GDP fell by 2.0% in 2024, primarily due to reduced private consumption. The contraction continued in the fourth quarter, with a decrease of 0.9% compared to the previous year.

Despite these challenges, economic optimism is on the horizon. The central bank projects a promising recovery, with an anticipated GDP growth of 2.8% for 2025.

This forecast underscores a positive shift in economic momentum as the country aims to rebound from its previous downturn.

(With inputs from agencies.)