QUITO: Ecuador's economy grew 5.2 percent in the second quarter this year versus the same period in 2011, the central bank said yesterday, as it revised up economic growth figures for the first quarter and full-year 2011.
The central bank revised up economic growth in the first quarter to 6.3 percent from 4.8 percent, while growth in 2011 was raised to 8 percent from 7.8 percent previously.
Meanwhile, GDP growth in 2010 was revised down to 3.3 percent from 3.6 percent previously, and the economic growth rate for 2009 was raised to 1.0 percent from 0.4 percent.
The OPEC country's central bank announced late last month that it had decided to start calculating gross domestic product using 2007 as its base year instead of 2000.
In addition, the central bank said it is now using a new methodology to measure the size of the country's economy and is looking at 45 economic sectors, up from 29 previously.
The monetary authority said that the sectors driving growth in the first quarter were construction and the fish and seafood farming industry.
The economy expanded 1.2 percent in the second quarter versus the first three months of the year, while quarter-on-quarter growth for the January to March period was 1.0 percent, the central bank said.
Ecuador is OPEC's smallest member and produces around 500,000 barrels of crude oil a day. Its economy depends heavily on oil exports.
Higher oil export revenues together with increased tax collection have allowed the government to ramp up welfare spending in recent years, which has spurred economic growth.
The central bank lowered its 2012 growth forecast to 4.8 percent from 5.4 percent after slower than-expected growth in the first quarter, due partly to lower oil revenues, but now the growth rate for the January to March period has been raised by 1.5 percent percentage points.
And the prices paid for Ecuadorean crude have picked up in recent weeks, which suggests that full-year growth could be above target.
The government of leftist President Rafael Correa has failed to diversify the Ecuadorean economy from its dependence on oil exports and the country could suffer if crude prices fall again.
The government has vowed to continue spending heavily to spur growth as it heads toward a presidential election scheduled for February. Correa is expected to run for re-election, but has yet to make an official announcement.
Ecuador economy grows 5.2 percent in Q2
Ecuador economy grows 5.2 percent in Q2
First EU–Saudi roundtable on critical raw materials reflects shared policy commitment
RIYADH: The EU–Saudi Arabia Business and Investment Dialogue on Advancing Critical Raw Materials Value Chains, held in Riyadh as part of the Future Minerals Forum, brought together senior policymakers, industry leaders, and investors to advance strategic cooperation across critical raw materials value chains.
Organized under a Team Europe approach by the EU–GCC Cooperation on Green Transition Project, in coordination with the EU Delegation to Saudi Arabia, the European Chamber of Commerce in the Kingdom and in close cooperation with FMF, the dialogue provided a high-level platform to explore European actions under the EU Critical Raw Materials Act and ResourceEU alongside the Kingdom’s aspirations for minerals, industrial, and investment priorities.
This is in line with Saudi Vision 2030 and broader regional ambitions across the GCC, MENA, and Africa.
ResourceEU is the EU’s new strategic action plan, launched in late 2025, to secure a reliable supply of critical raw materials like lithium, rare earths, and cobalt, reducing dependency on single suppliers, such as China, by boosting domestic extraction, processing, recycling, stockpiling, and strategic partnerships with resource-rich nations.
The first ever EU–Saudi roundtable on critical raw materials was opened by the bloc’s Ambassador to the Kingdom, Christophe Farnaud, together with Saudi Deputy Minister for Mining Development Turki Al-Babtain, turning policy alignment into concrete cooperation.
Farnaud underlined the central role of international cooperation in the implementation of the EU’s critical raw materials policy framework.
“As the European Union advances the implementation of its Critical Raw Materials policy, international cooperation is indispensable to building secure, diversified, and sustainable value chains. Saudi Arabia is a key partner in this effort. This dialogue reflects our shared commitment to translate policy alignment into concrete business and investment cooperation that supports the green and digital transitions,” said the ambassador.
Discussions focused on strengthening resilient, diversified, and responsible CRM supply chains that are essential to the green and digital transitions.
Participants explored concrete opportunities for EU–Saudi cooperation across the full value chain, including exploration, mining, and processing and refining, as well as recycling, downstream manufacturing, and the mobilization of private investment and sustainable finance, underpinned by high environmental, social, and governance standards.
From the Saudi side, the dialogue was framed as a key contribution to the Kingdom’s industrial transformation and long-term economic diversification agenda under Vision 2030, with a strong focus on responsible resource development and global market integration.
“Developing globally competitive mineral hubs and sustainable value chains is a central pillar of Saudi Vision 2030 and the Kingdom’s industrial transformation. Our engagement with the European Union through this dialogue to strengthen upstream and downstream integration, attract high-quality investment, and advance responsible mining and processing. Enhanced cooperation with the EU, capitalizing on the demand dynamics of the EU Critical Raw Materials Act, will be key to delivering long-term value for both sides,” said Al-Babtain.
Valere Moutarlier, deputy director-general for European industry decarbonization, and directorate-general for the internal market, industry, entrepreneurship and SMEs at European Commission, said the EU Critical Raw Materials Act and ResourceEU provided a clear framework to strengthen Europe’s resilience while deepening its cooperation with international partners.
“Cooperation with Saudi Arabia is essential to advancing secure, sustainable, and diversified critical raw materials value chains. Dialogues such as this play a key role in translating policy ambitions into concrete industrial and investment cooperation,” she added.
