Country has secured financing for 2013 budget
Published: 14:44 December 13, 2012
Quito, Ecuador: Ecuador’s economy is likely to grow around 5 per cent in 2012, while the inflation rate for the full year will be less than 5 per cent, President Rafael Correa said on Wednesday.
High oil revenues have allowed Correa to boost state spending on infrastructure and welfare, which has fuelled economic growth in the past few years. The economy expanded 8 per cent in 2011 and 3.3 per cent in 2010.
“We hope to end the year with growth of around 5 per cent. Inflation will be within forecasts, under 5 per cent,” Correa said during a press conference at the presidential palace.
“Our (economic) growth is healthy. Poverty rates and inequality have decreased.”