World Economy

Ecuador GDP Shrinks

Ecuador GDP ShrinksEcuador GDP Shrinks

Ecuador’s economy contracted by 3% in the first quarter of 2016 compared with the same period a year earlier, the central bank said, Yahoo Finance reported. This was driven by a contraction of the non-oil sector, the bank said, without providing details. GDP shrank 1.9% in comparison with the fourth quarter of 2015, it said. “The annual change in GDP was -3% for the first quarter of 2016,” the bank said in a statement posted on its website, adding that the economy is at an “inflexion point” that will allow for recovery in the coming months.