Ecuador: Selected Economic and Financial Indicators
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2000 2001 2002 Prel. Proj.
2003 2004
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(Annual percentage changes; unless otherwise indicated)
National income and prices:
Real GDP 2.8 5.1 3.4 2.7 5.4
Real GDP per capita 0.9 3.2 1.5 0.8 3.5
Consumer price index,
end-of-period -10.1 22.4 9.4 6.1 3.1
Real effective exchange
rate (depreciation -) 38.7 39.3 10.1 0.0 ...
Banking system:
Liabilities to
the private sector 8.5 24.2 18.4 18.7 17.3
Credit to the
private sector -5.1 16.9 13.6 4.5 15.0
EMBI Ecuador
(percentage points spread) 2,866 1,233 1,801 799 ...
(In percent of GDP)
Public finances:
Revenue 27.6 24.7 26.0 25.5 27.1
Noninterest
expenditure (1) 19.9 20.4 21.5 20.8 21.9
Primary balance
(deficit -) 7.7 4.3 4.5 4.7 5.1
Overall balance
(deficit -) 1.0 -0.5 1.0 1.7 2.2
Total public debt 91.4 70.2 58.2 53.2 47.2
Domestic 19.4 15.7 11.3 10.6 10.2
External 72.0 54.5 46.9 42.6 37.0
Saving, investment, and external balance:
National saving 25.4 22.4 22.8 25.0 26.4
Gross investment 20.1 25.7 27.7 26.7 23.6
Foreign saving
external current
account deficit (+) -5.3 3.3 4.9 1.7 -2.8
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Sources: Central Bank of Ecuador; Ministry of Finance; and IMF staff estimates and projections.
(1) Includes unrecorded operations in 2001-03.
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(1) Under Article IV of the IMF's Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country's economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis for discussion by the Executive Board. At the conclusion of the discussion, the Managing Director, as Chairman of the Board, summarizes the views of Executive Directors, and this summary is transmitted to the country's authorities.