UPDATE 1-Ecuador central bank ups '07 GDP data and '08 view

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By Alonso Soto

QUITO, Sept 5 (Reuters) - Ecuador's central bank chief on Friday said his institution has revised upwards its economic growth data for 2007 and was raising its forecast for economic expansion this year to above 4 percent.

"During the first quarter of this year (the economy) grew 1.3 percent and if that growth rate is sustained we will have growth above 4 percent" this year, Carlos Vallejo told Reuters.

The bank in June had seen 3.1 percent GDP growth for this year.

Vallejo's data for first quarter 2008 economic growth were the first publicly released by a government official.

And he made another announcement for the first time on 2007 economic growth revisions. He said the bank revised upward the oil-producing country's growth rate to 2.49 percent from an earlier figure of 1.9 percent.

Vallejo made no specific forecast for 2009 growth but said the finance ministry's outlook was "conservative."

On Wednesday, Finance Minister Wilma Salgado told Reuters that the finance ministry had raised its for growth in 2008 to 4.5 percent and slow to to 3.5 percent next year, citing the government's budget proposal. For details see [ID:nN03523071].