QUITO, June 30 (Reuters) - Ecuador’s economy grew 3 percent in the first quarter compared with the same period last year and was fueled by the non-oil sector, the central bank said on Tuesday
In 2014, Ecuador’s economy grew 3.5 percent in the first quarter from the year-ago period.
The non-oil sector expanded 3.7 percent between January and March, notably in the construction, manufacturing and trade sectors, according to a bank statement.
The slump in international oil prices caused a drop in the oil sector of 1.9 percent.
Ecuador is the smallest member of OPEC and depends heavily on oil and mining. Its economy grew 3.8 percent in 2014 and is projected this year to expand 1.9 percent.
The central bank earlier this month revised the inflation forecast for this year to 1.9 percent from 4.1 percent, due to the fall in oil prices and a strengthening dollar. (Reporting by Alexandra Valencia; Writing by Girish Gupta; Editing by Andrew Cawthorne and Ken Wills)