Boston, MA -- (SBWIRE) -- 02/12/2013 -- BMI View: Based on quarterly data from the Banco Central del Ecuador, we have revised up our 2012 growth outlook to 15.21%. First half real industry value has surprised, significantly to the upside - averaging 21% higher compared to H111 - however, the trend is for a deceleration and, therefore, we believe the year as a whole will average lower. Additionally, pre-election spending, as Correa seeks to boost popularity in a country where infrastructure shortcomings are notable, is providing part of this boost and should sustain high growth going into 2013.

- Major developments in the sector: The announcement in November that Ecuador's Manta Port concession had failed to attract any bids underscores our long held pessimistic outlook for the country's business environment. We had long held the view that the concession would be a tough sell, given the controversial and premature end of the previous concession. With President Rafael Correa set to run for a third term, we see it unlikely that any significant improvements will be made to the business environment; this will result in the country continuing to fail to attract the private investment necessary to see tangible improvements in its infrastructure.
- In September 2012, it was announced that Ecuadorian state-controlled subway operator Metro de Quito had received a total of five proposals for the construction of the first two metro stations of the Quito subway line. The contract for the La Magdalena and El Labrador stations in the city's central southern and central northern regions were scheduled to be awarded on October 15 2012. Phase 1 of the project is expected to include an investment of US$64.8mn, which will be jointly funded by Quito's municipality and the national government. The construction work on the La Magdalena station and the El Labrador station is due to start in November 2012 and March 2013 respectively, with the completion scheduled to take 18 months.
- In August 2012, the city government of Quito in Ecuador issued a tender to build the first two stations of the Quito subway line. The contract for the La Magdalena and El Labrador stations in the city's central southern and central northern regions, respectively, is to be awarded by Metro de Quito on October 1 2012. The stations are estimated to cost US$64.8mn, with the first planned metro line of Quito requiring a total investment of US$1.4bn. The subway line will connect the city's southern district of Quitumbe with El Labrador in Quito's northern area. The metro will comprise 15 stations, with 18 electric trains expected to operate along the line.

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