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Ecuador's GDP grows 8 pct in Q1 - minister

Reuters    Translate This Article
30 June 2011

QUITO (Reuters) - Ecuador's gross domestic product grew 8 percent in the first quarter of 2011 and the government is raising its economic growth target to 5.24 percent for this year, Ecuadorean Political Economy Minister Katiuska King said on Thursday.

King did not specify if the 8 percent growth rate in the first quarter of this year was versus a year ago.

Ecuador's GDP grew 6.98 percent in the last quarter of 2010 versus the year-earlier quarter, the central bank said in March.

Ecuador's economy grew 3.6 percent in 2010, fueled by public sector investment, accelerating from the 0.36 percent growth rate in 2009, the central bank had said.

King said the government's 2011 GDP target of 5.24 percent was being raised from a previous goal of 5.06 percent

'We had set a (GDP) goal of 5.06 percent for 2011,' King said in a speech. 'A mid-year revision has been made to raise it to 5.24 percent.'

(Reporting by Santiago Silva and Alexandra Valencia; Writing by Walker Simon; Editing by Ramya Venugopal)

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