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Ecuador economy grows 5.2 percent in Q2, GDP data revised
October 6, 2012 / 4:00 PM / 5 years ago

Ecuador economy grows 5.2 percent in Q2, GDP data revised

QUITO, Oct 6 (Reuters) - Ecuador’s economy grew 5.2 percent in the second quarter this year versus the same period in 2011, the central bank said on Saturday, as it revised up economic growth figures for the first quarter and full-year 2011.

The central bank revised up economic growth in the first quarter to 6.3 percent from 4.8 percent, while growth in 2011 was raised to 8 percent from 7.8 percent previously.

Meanwhile, GDP growth in 2010 was revised down to 3.3 percent from 3.6 percent previously.

The OPEC country’s central bank announced late last month that it had decided to start calculating gross domestic product using 2007 as its base year instead of 2000.

In addition, the central bank said that it is now using a new methodology to measure the size of the country’s economy and is looking at 45 economic sectors, up from 29 previously.

The monetary authority said that the sectors driving growth in the first quarter were construction and the fish and seafood farming industry.

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