(Adds bank manager quotes, background, 2022 GDP)
QUITO, March 31 (Reuters) - Ecuador's central bank on
Friday cut the Andean country's economic growth forecast for the
year to 2.6%, from 3.1%, citing the impact of reduced oil
exports, and said economic growth in 2022 was 2.9%
Protests, an earthquake, and damage to infrastructure have
all weighed on Ecuador's oil operations this year, with the
country's energy ministry cutting its oil production forecast
for 2023 by 8%.
"For 2023, Ecuador's central bank has revised its economic
growth forecast to 2.6%, due to a slowdown in oil exports," bank
manager Guillermo Avellan told reporters.
The country's state-run oil company Petroecuador, which
produces the majority of Ecuador's crude, declared force majeure
on four blocks earlier this month over protests by indigenous
communities who accuse the business of reneging on promises of
economic help.
An earthquake that struck the country almost two weeks ago
also affected an off-shore oil platform, reducing output, while
a bridge collapse forced the closure of oil and gas pipelines,
affecting exports.
Energy Minister Fernando Santos previously suggested the
targeted production of 520,000 barrels per day (bpd) for the
year would have to be cut to between 480,000 and 490,000 bpd
Some of the fall in oil exports will be compensated by
government plans to increase public investment, Avellan said.
Ecuador's economic gross domestic product (GDP) growth hit
2.9% last year, the bank chief said, beating previous estimates
of 2.7%.
(Reporting by Alexandra Valencia
Writing by Oliver Griffin
Editing by Chris Reese and Bill Berkrot)
