Economy

Cassinelli reaffirms before WTO the country’s commitment to phase out import surcharges by June

Minister of Foreign Trade Juan Carlos Cassinelli and his delegation participated Tuesday in the sixth consultation meeting before the Committee on Balance-of-Payments Restrictions of the World Trade Organization (WTO) in Geneva.

"We’re leaving a stable country that could grow more than expected”: President Correa

One month before leaving office, President Rafael Correa said Monday that the transition process will officially begin next week and added he is leaving a country with a stable economy behind with an estimate growth of 1.4%, investments increase and no funding problem.

Ecuador has the lowest unemployment rate of the last five years

Ecuador’s unemployment rate stood at 4.4% in March 2017, which means 1.3% less than in the last month and becomes the lowest unemployment rate in the last five years, according to the last survey conducted by the National Institute of Statistics and Census (INEC).

President-elect and entrepreneurs commit to working together for Ecuador’s productive development

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On Wednesday, Ecuador’s president-elect Lenin Moreno held a meeting with more than 400 entrepreneurs of the country and invited them to work together in the implementation of public-private policies to create jobs, investment and productive development during his four-year term that begins May 24.

Ecuador increased exports to the EU by 15%

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Minister of Foreign Trade Juan Carlos Cassinelli informed that the agreement with the European Union already yields results for the Ecuadorian economy with a 15% increase in the volume of exports of the main national products including shrimp.

Ecuador’s inflation at 0.14% in March, according to INEC

Ecuador inflation was 0.14 percent in March, according to the last report of the Consumer Price Index (CPI), published by the National Institute of Statistics and Census (INEC).

“A lot has been done in Ecuador and the best is that people rule now”: Rafael Correa

In the last ten years, there has been a turning point in Ecuador in economic management which has led it to increase the size of its economy, reduce poverty, improve equity and rank among the region’s countries with greater progress.

President Correa: e-money is managed by the State in order for the private sector not to turn it into a business

The chief of state affirmed that according to the government’s plan presented at the National Electoral Council (CNE) by the right-wing’s candidate Guillermo Lasso, their goal is not to eliminate e-money but for it to be managed by the private sector and turn it into a business.

Ecuador's president plans to leave behind a stabilized and growing economy

President Rafael Correa highlighted Saturday that the country’s economy is recovering in spite of external difficulties that impacted exports with 10 billion dollars and the fiscal sector with a similar amount.

President Correa ratifies that Ecuador’s foreign debt does not exceed 27% of the GDP

Ecuadorian president Rafael Correa said Wednesday that the Ecuadorian foreign debt does not exceed 27% of its Gross Domestic Product (GDP), according to International Monetary Fund (IMF) manuals and added that the amount is not close to the limit established by the Constitution.

Non-oil exports in Ecuador increased by 64% until January 2017

In January 2017, Ecuadorian non-oil exports accounted for 64% of the country’s total exports in dollars and 35% in tons, according to figures from the Ministry of Foreign Trade.

Ecuador promotes its coffee exports in Russia

During a videoconference before representatives of coffee importers, Ecuadorian ambassador in Russia Julio Cesar Prado presented the catalogue with a variety of beans produced in 22 of the 24 provinces of the country.

Ecuador’s inflation rate in February at 0.20%

Ecuador reported an inflation of 0.20% in February while the accumulated reached 0.29% and the annual 0.96% according to the last report of the Consumer Price Index (CPI) released by the National Institute of Statistics and Census (INEC).

President Correa to lead demonstration in Ecuador to remember the 18th anniversary of the bank crisis

On Wednesday March 8, President Correa will lead a massive demonstration to remember another anniversary of the 1999 bank crisis which left hundreds of citizens mired in the worst economic crisis.

President Correa: Cutting taxes would only benefit the elites

The Ecuadorian right-wing’s pledge to eliminate 14 taxes in the country only benefits the elites “who want to save money” not the most vulnerable sectors for whom health and education will be privatized, said President Correa during the inauguration of a new Health Center in Chone, province of Manabí.

President Correa: Ecuador has overcome recession in record time

Ecuadorian president Rafael Correa said Saturday that the country has overcome the economic recession in record time according to some indicators and international studies.

Ecuadorian government invested more than $68bn in social development over the last decade

The government of Ecuadorian president Rafael Correa has invested 68 billion dollars in the social sector over the last decade which allowed improving the living standards of popular sectors which have had access to quality services in the areas of health, education, among others.

“The next administration will be left with a sound and growing economy,” says President Correa

Ecuador’s recession ended in the third quarter of 2016 and we are now in an economic recovery process, affirmed president Rafael Correa and estimated there would be an economic growth of 1.4% of the Gross Domestic Product (GDP).

OPEC informs Ecuador does not report losses in the sale of crude oil

In a letter to Ecuadorian ambassador in Austria Wilson Pastor, the Organization of Petroleum Exporting Countries (OPEC) informed “there were no findings therein which stated that the State of Ecuador loses $4 per barrel in the sale of crude oil,” as recently stated by former minister of Hydrocarbons Carlos Pareja Yannuzzelli, fugitive living in the United States.

First electric car manufacturer to be built in Ecuador

The first electric car and graphene battery manufacturer will be built in the province of Imbabura, in northern Ecuador, after the signing of an agreement between public company Yachay and private technological industry Red Tech.