The Central Bank of Ecuador announced on Mar. 11 the launch of the Initiative for the Construction of Ecuador’s Oceanic Thematic Account, which aims to strengthen economic statistics related to the marine and coastal sector and emphasize the contribution of oceanic natural capital to national economic development.
The initiative is intended to provide a clearer measurement and recognition of how marine resources contribute to gross domestic product, acknowledging that sustainable economic growth must consider the ecosystems found in coastal, marine, and oceanic areas.
As part of this effort, the Central Bank will update the Ecosystem Account for Ecuador’s Insular Exclusive Economic Zone using a chain-linking methodology. This approach is expected to enhance macroeconomic consistency in results and enable their official recognition and regular updates.
This new project complements previous actions by the Central Bank such as launching Ecuador’s Bioeconomy Satellite Account—which highlights biological resources’ strategic value—and implementing the “Greening the Central Bank of Ecuador” project focused on incorporating sustainability criteria into institutional processes.
According to the bank, these efforts reaffirm its commitment “to generating high-quality technical information that will allow for a better understanding of the ocean’s contribution to the national economy and support decisions geared toward the country’s sustainable development.”
