The economic consequences of Covid-19 in the Ecuadorian economy

This research presents a preliminary examination of the impact and consequences of the Covid-19 pandemic on the Ecuadorian macroeconomy. Making a brief descriptive analysis of the main macroeconomic variables that will be reviewed in greater depth in the development of the research, we find that, according to the quarterly accounts of the ECB, GDP in constant terms totaled USD 66,308 million at the end of 2020, which is which represents a drop of 7.8%, compared to 2019. This behavior is explained by a decrease in gross fixed capital formation of 11.9%; decrease in final consumption expenditure of households of 7.0%; reduction of government consumption expenditure of 6.1%; and, due to the 2.1% contraction in exports of goods and services. On the other hand, imports of goods and services decreased by 7.9% compared to 2019 (Central Bank of Ecuador, 2021). With regard to employment, only in the first three months of 2021 almost 75,000 people were left without work in Ecuador, with the unemployment rate reaching 5.8% at the end of March, 0.8% higher than in December 2020 Unemployment in urban areas as of March 2021 reached 6.8% and 2.8% in rural areas (National Institute of Statistics and Censuses, 2021a).

• Autore principale: Berrones, Sheyla (author)
• Altri autori: Díaz, José (author)
• Natura: article
• Lingua: spa
• Pubblicazione: 2021
• Soggetti: Economía; Covid-19; Variables macroeconómicas
• Accesso online: https://estudioseconomicos.bce.fin.ec/index.php/RevistaCE/article/view/371