March 30, 2018 / 2:51 PM / 4 months ago

Ecuador economy grew 3 pct in 2017, oil sector down: central bank

March 30 (Reuters) - Ecuador’s economy grew 3 percent in 2017, showing a strong recovery from the previous year, helped by household consumption, government spending and exports, the country’s central bank said on Friday.

However, oil sector production was down 2.8 percent, due to OPEC cuts. Ecuador produced 193.9 million barrels in the year, down 3.4 percent from the previous year.

Ecuador has suffered from the drop in oil prices, a major earthquake and bad economic management over the last decade, according to President Lenin Moreno.

The non-oil sector registered growth of 3.5 percent during 2017, due to the recovery of electricity, water, financial services and some other economic sectors.

In the fourth quarter of 2017, the economy expanded 3 percent year on year, and 1.2 percent compared to the previous quarter. Ecuadorian authorities expect the country’s economy to grow more than 2 percent in 2018. (Reporting by Alexandra Valencia Writing by Girish Gupta Editing by Bill Rigby)

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