The provinces that grew the most in sales were Galapagos, Zamora Chinchipe and Carchi.
A new indicator that the economy is reactivating is the sales levels of the private sector in the country registered in November 2021.
According to a report from the Chamber of Industries and Production (CIP), the total sales (local sales and exports) from the private sector reached $15,454 million in November 2021, according to figures from the Internal Revenue Service (SRI). This amount is 18.01% higher than that registered in November 2020. In relation to November 2019, the growth is 5.87% ($ 857 million). “This means that sales have recovered to pre-pandemic levels,” the Chamber indicated in its report.
Additionally, from January to November 2021, private sector sales add up to $156,291 million, equivalents to a growth of 20.2% ($ 26,297 million) compared to the same period of 2020. While, when comparing the data with the sales of the accumulated January-November 2019, the increase is 1.8% ($ 2,757 million).
In accordance with Pablo Jiménez, executive vice president of the Chamber of Industries and Production (CIP), “the recovery in the level of private sector sales to pre-pandemic levels It reflects a higher level of economic activity, which has been possible thanks to vaccination efforts and a better understanding of the effects of restrictions and capacity.”
The union representative also indicated that we are experiencing a rebound effect after the worst effects of the pandemic. Consider that to achieve a V-shaped economic cycle, and avoid a W or an L, we have to continue with vaccination and biosecurity measures.
Looking at the figures in greater depth, by type of taxpayer, it is observed that the company sales (companies) were located in $12.765 million, that is, 21.19% in relation to November 2020. Comparing these sales with November 2019, local sales register an increase of 11.84%. The accumulated sales of this segment (January-November 2021) exceed 22.3% compared to the same period of the previous year. But the growth compared to 2019 is 6%.
The report of the Chamber indicates that in the period January-November 2021 the sales corresponding to natural persons also grew by 13% and those of the popular and solidarity economy increased by 9%. However, the same did not happen when compared 2019 with 2021. There is a drop of 11% and 10%, respectively.
When disaggregating local sales, it is observed that sales not taxed with the value added tax (VAT), which mostly correspond to basic necessities, registered a positive variation of $661 million (21.3%) in November 2021 compared to 2020. Sales taxed with VAT, which are more associated with the economic cycle, show a growth of $1,123 million (18.5%) in relation to the same month of the previous year.
In November 2021 most provinces recorded growth in sales of the private sector, with the exception of Bolívar, Pastaza and Los Ríos. The provinces that increased their sales the most compared to November 2020 are Galapagos (122%), followed by Zamora Chinchipe (62%) and Carchi (42,3 %). Pichincha grows 15% in turnover, Guayas 20.4% and Azuay registers an increase of 16.9%.
Regarding the sectors of activity, none recorded a decrease in their level of sales. The sector of Commerce reports an increase of 21.7% ($ 9,254 million), construction achieves a growth in billing of 23.3% ($ 539 million) and manufacture with growth of 23.2% ($ 4,758 million).
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