Ecuador's economy grew by 2.3 per cent during the third quarter compared with the same period last year, the Andean country's national bank has announced.
The country's performance, however, represents a slowdown from the 4.2 per cent rate of growth recorded in the preceding period, as the effect of the weakening oil sector began to bite.
A five per cent decline in output of crude oil to around 5,000,000 barrels per day prompted a fall of 3.91 per cent in the oil sector, the Reuters news agency reports.
This compares to an increase of 2.68 per cent during the corresponding period of 2006.
However, this was offset in part by the continued robust health of the construction sector of 5.6 per cent, the government said.
Also contributing to growth was an increase in agricultural output of 1.94 per cent and a 4.5 per cent increase in public investment.
News of Ecuador's third-quarter showing comes after the government adjusted the country's projected annual growth rate from 3.4 per cent to 2.7 per cent in a statement issued on December 22nd."
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