October 1, 2019 / 4:34 PM / 5 months ago

Ecuador economy grew 0.3% year-on-year in second quarter -central bank

QUITO, Oct 1 (Reuters) - Ecuador grew a slight 0.3% year-on-year in the second quarter, buoyed by better non-oil exports and local consumption, the central bank said on Tuesday.

Compared with the first quarter, gross domestic product expanded 0.4%. The indicator grew 0.6% in the first quarter.

“GDP for the period between April and June was $17.9 billion,” the bank said in a statement.

The oil sector was down 1.2% year-on-year in the second quarter, the statement said, because of a planned 39.4% fall in oil refining at the 110,000 barrel-per-day Esmeraldas refinery.

The refinery resumed normal operations in July after several months of repairs.

The non-oil sector grew 0.5% during the quarter because of increased activity in agriculture, shrimp fishing, public utilities and financial services.

The central bank expects modest growth of 0.2% this year, while the International Monetary Fund foresees a contraction of 0.5% as part of an economic recovery plan agreed with the government.

The Andean country, OPEC’s smallest member, grew 1.4% last year. (Reporting by Alexandra Valencia Writing by Julia Symmes Cobb; Editing by Lisa Shumaker)

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