QUITO -- Ecuador's central bank published updated data through June 2015 for the central government.
Specifically, the central government deficit during the first half of 2015 was $1bn, or 1% of GDP, which is wider than the 0.7% of GDP deficit of 1H 2014. Oil-related revenues of the central government fell 55% yoy to 1% of GDP from 2.4% of GDP in 1H 2014, while non-oil revenues increased 12.5% yoy to 9.1% of GDP from 8.4% of GDP.
Meanwhile, total expenditures remained unchanged in dollar terms, but declined to 11.1% of GDP from 11.4% of GDP last year.
Current expenditures remained unchanged at 6.6% of GDP, but investment spending dropped to 2.7% of GDP from 3.2% of GDP.
The data shows the impact of the decline in oil-related revenues, but also suggest that non-oil revenues helped offset part of this impact during the first half of the year.
Meanwhile, spending levels were marginally lower, especially those related to public investment.
Analysts expect data from the second half to continue showing the impact of lower oil prices as well as the adjustments the government has made from both revenue and spending sides to try to cope with the oil price shock.