Bloomberg News

Ecuador to Post ‘Adequate’ GDP Growth in 2012, Delgado Says

December 14, 2011

(Updates with bank president’s comments starting in third paragraph.)

Dec. 14 (Bloomberg) -- Ecuador’s economy, South America’s seventh-biggest, will post “adequate” growth next year even as concern mounts over Europe’s debt crisis, central bank President Pedro Delgado said today.

Delgado, in his first public comments since taking office last month, also said gross domestic product will expand more than 6 percent this year, similar to the bank’s November forecast of a 6.5 percent expansion.

Ecuador is facing its first economic slowdown since 2009 as global growth weakens and prices for the Organization of Petroleum Exporting Countries’ smallest member’s oil decline, according to government forecasts. Delgado said Ecuador’s “serious” policies will give the economy stability in 2012.

“The economic crisis in Europe is worrisome,” the 49- year-old economist, who was appointed as the central bank chief last month by his cousin, President Rafael Correa, said today in Quito. However, Ecuador “has achieved a very good level of stability and we have an outlook of adequate growth for the coming year.”

The central bank last month said the economy will slow to 5.35 percent growth next year.

--Editor: Robert Jameson

To contact the reporter on this story: Nathan Gill in Quito at ngill4@bloomberg.net

To contact the editor responsible for this story: Joshua Goodman at jgoodman19@bloomberg.net


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