Ecuador's Central Bank Cuts 2023 Growth Forecast on Reduced Oil Exports

Ecuador’s central bank on Friday cut the Andean country’s economic growth forecast for the year to 2.6%, from 3.1%, citing the impact of reduced oil exports, and said economic growth in 2022 was 2.9%

Protests, an earthquake, and damage to infrastructure have all weighed on Ecuador’s oil operations this year, with the country’s energy ministry cutting its oil production forecast for 2023 by 8%.

“For 2023, Ecuador’s central bank has revised its economic growth forecast to 2.6%, due to a slowdown in oil exports,” bank manager Guillermo Avellan told reporters.

Source :  Ecuador’s Central Bank Cuts 2023 Growth Forecast on Reduced Oil Exports