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  • Tax Revenues Plummet - WA#31
    Tax Revenues Plummet - WA#31

    Largest corporate taxpayers in 2019 and 2020 preview

  • Tax revenues plummeted in the first of 2020 by –19.1% y-o-y to a total of $ 6.8 bn. The decrease equals - $ 1.6 bn. The drop exceeds the official expectation of a decline of - $ 1.0 bn for the full year. (WA#31)

  • The government will pay arrears for up to $500 mn this year to creditors willing to invest the funds in securities. There was a net domestic debt amortization of $53 mn in May; a year before there was also net amortization. So far in the year there is a net disbursement of $525 mn, larger than a year before. (WA#30)

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Grupo Spurrier is the leading company in the development of key solutions and services for business success; it specializes in monitoring the economy and politics of Ecuador, as well as on economic research, market research, consulting and corporate training, models and business plans development, investment plans, and market power law consulting.

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Weekly Analysis Briefs


    In the first half of 2020, tax revenues results disappoint. Several problems were added and amplified: fiscal crisis, lack of competitiveness and lockdowns to combat Covid 19. The result is a drop in collection of ?19.1% y-o-y, or - $ 1.6 bn The precarious fiscal situation allows us to understand why the SRI refuses to accept money substitutes (...


    Ecuador is in the process of restructuring all its debt. To bondholders, it made a proposal which it is optimistic would be approved; voting on the proposal ends on July 31. For this year, it means relief in interest payments. The authorities are also intent on regularizing arrears: they propose paying for them as long as creditors agree to inve...


    In the first quarter, and compared to the fourth of 2020, in annualized terms, GDP contracted -8.2%. Sales data for April and May tell a story of a massive contraction of the economy, as be expected given the lockdown. There are too many loose ends to allow for a carefully tuned outlook for 2020. When will Quito come down from its severe case of...