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1/19/09

Chart of the day is.....

......remittances to Ecuador 2006 to 2008, by quarter.


Note the three red highlighted numbers that show the Year-over-Year evolution for the third quarters. Not good.

Unfortunately we can hardly expect much from the fourth quarter of 2008, all things considered. For example, Spain's Ministry of Work and Immigration reports that there are 8% fewer Ecuadorians legally residing in Spain since end September 2008. Spain is source to 37% of all remittances to Ecuador (the USA is over 50%, with the rest made up from other countries).

Final thought; in recent times remittances have made up 4% of Ecuador's GDP. Not good at all.