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Ecuador economy contracted 1.5 percent last year -central bank
April 10, 2017 / 5:17 PM / 8 months ago

Ecuador economy contracted 1.5 percent last year -central bank

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

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