"It is the worst economic contraction on record since we began keeping macroeconomic statistics in 1927," the BCE Manager Veronica Artola acknowledged.
Previously, international organizations estimated that the Ecuadorean GDP could decrease between 6.3 and 7.4 percent. Some recent corrections to the quarterly macroeconomic accounts, however, suggest that the drop could be as high as 10 percent.
From March to May, during the pandemic's first three months, Ecuador lost US$6.2 billion, of which US$5.2 billion were private-sector losses. That amount, which is equivalent to 3.8 percent of the 2019 GDP, confirms the scenario for 2020, as Artola explained.