Oil Spill Threatens Vene/Ecuador

Oil Spill Threatens Vene/Ecuador

Andean

WTI well below $90 may push current accounts into deficit in both Ecuador and Venezuela in 2009, says JPMorgan. “Assuming that high levels of spending and imports are here to stay, every $10 drop in the annual average for oil leads to a 3.25%-of-GDP increase in Venezuela’s 2009 current account deficit and a 1.5%-of-GDP increase in the fiscal deficit,” says JPMorgan. “For Ecuador, every $10 drop in oil leads to a 2%-of-GDP increase in the current account deficit and a 1.3%-of-GDP increase in the

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