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Ecuador economy shrinks 3% in Q1

Staff Writer |
Ecuador's economy contracted by 3 percent in the first quarter of 2016 compared with the same period a year earlier, the central bank said.

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This was driven by a contraction of the non-oil sector, the bank said, without providing details. GDP shrank 1.9 percent in comparison with the fourth quarter of 2015, it said.

"The annual change in GDP was -3.0 percent for the first quarter of 2016," the bank said in a statement posted on its website, adding that the economy is at an "inflexion point" that will allow for recovery in the coming months.

The results, however, do not reflect the impact of a devastating April earthquake that left at least 670 people dead and is expected to require $3.3 billion in reconstruction funds.

The bank has said it will need to revise its full-year projections for 2016 economic growth as a result of the tremor, but has not yet provided an updated figure.