QUITO, April 10 (Reuters) - Ecuador’s economy shrank for the first time in a decade last year, falling 1.5 percent due to lower oil prices, a strong dollar that hurts the dollarized export-oriented country, and a severe earthquake, the central bank said on Monday.
Outgoing President Rafael Correa said over the weekend the OPEC nation’s economy grew 1.5 percent year-on-year in the last quarter of 2016, allowing it to emerge from an economic recession.
Ecuador’s economy grew a modest 0.2 percent in 2015. The central bank projects it could grow 1.42 percent this year.
Reporting by Alexandra Valencia; Writing by Alexandra Ulmer; Editing by Matthew Lewis