Committee on Balance-of-Payments Restrictions - Consultations with Ecuador - Background Document by the Secretariat - Revision
- WTO Secretariat
- 2009/04/24
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World Trade
Organization WT/BOP/S/15/Rev.1
14 April 2009
(09-1764) Committee on Balance-of-Payments Restrictions
consultations with ECUADOR
Background Document by the Secretariat
Revision
This document has been prepared in accordance with paragraph 12 of the Understanding on the Balance-of-payments Provisions of the GATT 1994.
RECENT macroeconomic and trade developments
Recent Economic Performance
Ecuador's economic performance has been relatively strong until recently. After a period of slight contraction in late 2006 and early 2007, Ecuadorian economic growth accelerated in late 2007; GDP growth for 2008 has been estimated at 5.3%, compared to 2.5% for 2007. The increase in GDP per capita has also been significant, of some 50% between 2003 and 2007 (Table 1). Exports of goods and services, particularly petroleum exports, have underpinned growth, although private consumption and gross capital formation have also expanded at solid rates.
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