UPDATE 2-Ecuador GDP grew 4 pct in 2006, below expectations

(Recast, adds details, background)

QUITO, March 30 (Reuters) - Ecuador's economy grew 4 percent in full-year 2006 compared with 4.7 percent a year earlier, slowing its pace due to a weakening oil sector, the central bank said on Friday.

The Andean country's economy grew 2.23 percent in the fourth quarter of 2006 compared with 5 percent in the same quarter a year earlier.

Ecuador, South America's fifth largest oil producer, had expected growth of 4.3 percent in 2006.

The country's oil sector grew only 0.84 percent in 2006 compared with 0.9 percent the previous year after a series of protests in the Amazon region hurt crude production.

The key agricultural sector of the world's top banana exporter also experienced slow growth of 0.2 percent last year compared with 4 percent in 2005.

The economy is expected to grow 3.3 percent this year, according to the central bank.