The Ecuadorean economy struck by an earthquake last month will contract an estimated four pct in 1987 and its crude oil output will drop by 42 pct the governments national development council (Conade) said. A Conade report dated April 21 and obtained said that the countrys gross domestic product (gdp) would fall by an estimated four pct compared to 1.5 pct growth last year. Conade functions as the countrys main planning institution. Crude output will fall to 61.2 mln barrels in 1987 from 105.6 mln in 1986 Conade said. It forecast exports of 22.9 mln of crude and derivatives against 63.3 mln last year. The March five earthquake killed up to 1000 people and caused an estimated one billion dlrs in damage. It paralyzed Ecuadors crude output because it ruptured the countrys main pipeline from Lago Agrio at the heart of jungle oilfields to the Pacific Ocean port of Balao. It will take until at least end-July to repair the line and return output to normal levels oil officials said. Ecuador output was about 250000 barrels per day before the tremor. Conade forecast total 1987 exports of 1.77 billion dlrs 572 mln dlrs of which would be oil and derivatives. Imports were forecast at 1.70 billion dlrs. Total 1986 exports were 2.18 billion dlrs of which 979 mln dlrs were crude and derivatives with total imports 1.66 billion dlrs. Conade predicted that payments on Ecuadors 8.16 billion dlrs foreign debt will be limited to 947 mln dlrs this year against 1.489 billion dlrs last year. Conades projected ceiling on payments is not legally binding. The current account balance of payments deficit was seen at 934 mln dlrs in 1987. It was 696 mln dlrs in 1986.
ECUADOR ECONOMY SEEN CONTRACTING IN 1987