Ecuador pins hopes of economic growth on oil

摘要

Ecuador is hoping a revival of its oil sector will drive modest 1.4pc GDP growth in 2019. According to the government's proposed 2019 budget, next year's crude production will rise by 7.4pc to 565,000 b/d compared to 2018. With the goals of reducing a fiscal deficit to 3.2pc of GDP and keeping inflation close to 1pc, the government proposed a $31.3bn budget for next year, 2.8pc smaller than what was effectively spent in 2018, despite a higher crude price assumption of $58.29/bl versus $41.92/bl projected in 2018.