Table of Contents

1a. Are you more or less optimistic about your country's economy compared to last quarter?	1
1b. Rate your optimism about your country's economy on a scale from 0-100, with 0 being the least optimistic and 100
being the most optimistic.	2
2a. Are you more or less optimistic about the financial prospects for your own company compared to last quarter?	3
2b. Rate your optimism about the financial prospects for your own company on a scale from 0-100, with 0 being the least
optimistic and 100 being the most optimistic.	4
3. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?
[Unweighted - Winsorized]	5
3. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?
(e.g., +3%, -2%, etc.) [Winsorized]	6
3. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months
for:   [Unweighted - Sorted]	7
5a. What do you think is the probability that your country's economy will be in recession at the end of 2016?	8
5b. What are the key risks that might lead to recession in your country at year-end 2016?	9
5b. What are the key risks that might lead to recession in your country at year-end 2016? Other specified	10
6. Compared to interest rates today, how much would your borrowing costs have to increase to cause your company to
'reduce hiring plans'?	11
6. Compared to interest rates today, how much would your borrowing costs have to increase to cause your company to
'reduce capital spending plans'?	12
6. Compared to interest rates today, how much would your borrowing costs have to increase to cause your company to
'reduce borrowing plans'?	13
Industry	14
In what country are you personally located	16
Foreign Sales	19
In what region of the world are most of your foreign sales?	20
Your job title (e.g., CFO, Asst. Treasurer, etc):	21

 1 

Duke, Global Business Outlook survey - Ecuador - First Quarter, 2016

1a. Are you more or less optimistic about your country's economy compared to last quarter?

	 	Number	Percent	95% CI
	1=More optimistic	39	13.2 %	± 3.9 %
	0=No change	78	26.4 %	± 5.0 %
	-1=Less optimistic	179	60.5 %	± 5.6 %
	Total	296	100.0 %

	Mean = -0.47
	SD = 0.72

	Missing Cases = 0
	Response Percent = 100.0 %

2 

Duke, Global Business Outlook survey - Ecuador - First Quarter, 2016

1b. Rate your optimism about your country's economy on a scale from 0-100, with 0 being the least optimistic and 100 being the most optimistic.

	Minimum = 0

	Maximum = 100

	Mean = 43.3

	Median = 50

	Standard Deviation (Unbiased Estimate) = 22.8

	95 Percent Confidence Interval Around The Mean = 40.7 - 45.9

4 Groups

	 1 = 25
	 2 = 50
	 3 = 60

Valid Cases =291
Missing Cases =1
Response Percent = 99.7%

3 

Duke, Global Business Outlook survey - Ecuador - First Quarter, 2016

2a. Are you more or less optimistic about the financial prospects for your own company compared to last quarter?

	 	Number	Percent	95% CI
	1=More optimistic	92	31.1 %	± 5.3 %
	0=No change	118	39.9 %	± 5.6 %
	-1=Less optimistic	86	29.1 %	± 5.2 %
	Total	296	100.0 %

	Mean = 0.02
	SD = 0.78

	Missing Cases = 0
	Response Percent = 100.0 %

4 

Duke, Global Business Outlook survey - Ecuador - First Quarter, 2016

2b. Rate your optimism about the financial prospects for your own company on a scale from 0-100, with 0 being the least optimistic and 100 being the most optimistic.

	Minimum = 0

	Maximum = 100

	Mean = 54.7

	Median = 50

	Standard Deviation (Unbiased Estimate) = 23.0

	95 Percent Confidence Interval Around The Mean = 52.1 - 57.3

4 Groups

	 1 = 50
	 2 = 50
	 3 = 70

Valid Cases =295
Missing Cases =0
Response Percent = 100.0%

5 

Duke, Global Business Outlook survey - Ecuador - First Quarter, 2016

3. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?   [Unweighted - Winsorized] 

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

Capital spending	1.67	8.81	0.66 - 2.67	0	-23.50	27.21	295

Wages/Salaries	0.99	5.40	0.38 - 1.61	0	-20.80	24.26	295

Prices of your products	0.38	8.61	-0.61 - 1.36	0	-26.60	28.52	295

Number of domestic full-time employees	-2.71	10.77	-3.94 - -1.48	0	-37.30	30.27	294

Revenue	-4.24	19.35	-6.45 - -2.03	0	-51.90	43.45	295

Earnings	-4.29	23.09	-6.93 - -1.66	0	-58.10	50.24	294

6 

Duke, Global Business Outlook survey - Ecuador - First Quarter, 2016

3. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months? (e.g., +3%, -2%, etc.) [Winsorized]

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

Capital spending	1.67	8.81	0.66 - 2.67	0	-23.50	27.21	295

Wages/Salaries	0.99	5.40	0.38 - 1.61	0	-20.80	24.26	295

Prices of your products	0.38	8.61	-0.61 - 1.36	0	-26.60	28.52	295

Number of domestic full-time employees	-2.71	10.77	-3.94 - -1.48	0	-37.30	30.27	294

Revenue	-4.24	19.35	-6.45 - -2.03	0	-51.90	43.45	295

Earnings	-4.29	23.09	-6.93 - -1.66	0	-58.10	50.24	294

7 

Duke, Global Business Outlook survey - Ecuador - First Quarter, 2016

3. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months for:   [Unweighted - Sorted]

(N=296)

	Mean & SD	Positive	Zero	Negative
	  	1	0	-1	
	0.14	63	210	22
Capital spending	0.52	21.4%	71.2%	7.5%

	0.14	52	230	12
Wages/Salaries	0.45	17.7%	78.2%	4.1%

	0.03	46	212	36
Prices of your products	0.53	15.6%	72.1%	12.2%

	-0.12	21	219	55
Number of domestic full-time employees	0.50	7.1%	74.2%	18.6%

	-0.13	48	160	87
Revenue	0.66	16.3%	54.2%	29.5%

	-0.16	56	136	103
Earnings	0.72	19.0%	46.1%	34.9%

8 

Duke, Global Business Outlook survey - Ecuador - First Quarter, 2016

5a. What do you think is the probability that your country's economy will be in recession at the end of 2016?

	 	Number	Percent	Cumulative
	0	0	0.0 %	0.0 %
	1-10	0	0.0 %	0.0 %
	11-20	0	0.0 %	0.0 %
	21-30	0	0.0 %	0.0 %
	31-40	0	0.0 %	0.0 %
	41-50	0	0.0 %	0.0 %
	51-60	0	0.0 %	0.0 %
	61-70	1	33.3 %	33.3 %
	71-80	1	33.3 %	66.7 %
	81-90	1	33.3 %	100.0 %
	91-99	0	0.0 %	100.0 %
	100	0	0.0 %	100.0 %
	Total	3	100.0 %	100.0 %

	Mean = 75.0
	SD = 10.0

	Missing Cases = 293
	Response Percent = 1.0 %

9 

Duke, Global Business Outlook survey - Ecuador - First Quarter, 2016

5b. What are the key risks that might lead to recession in your country at year-end 2016?

	 	Number	Percent	95% CI
	Budget Deficit	3	1.0 %	± 2.5 %
	Political risk	3	1.0 %	± 2.5 %
	Price of oil	3	1.0 %	± 2.5 %
	Slowdown in China	2	0.7 %	± 2.1 %
	Corruption	1	0.3 %	± 1.5 %
	Currency valuation	1	0.3 %	± 1.5 %
	High inflation	0	0.0 %	± 0.0 %
	Interest rates	0	0.0 %	± 0.0 %
	New regulations	0	0.0 %	± 0.0 %
	Infrastructure	0	0.0 %	± 0.0 %
	Price of non-oil commodities	0	0.0 %	± 0.0 %
	Low Inflation	0	0.0 %	± 0.0 %
	Health crises	0	0.0 %	± 0.0 %
	Slowdown in emerging economies other than China	0	0.0 %	± 0.0 %
	Slowdown in Europe	0	0.0 %	± 0.0 %
	Terrorism	0	0.0 %	± 0.0 %
	Workforce disruptions	0	0.0 %	± 0.0 %
	Stock market decline	0	0.0 %	± 0.0 %
	Other	1	0.3 %	± 1.5 %
	Total	14

	Number of Cases = 296
	Number of Responses = 14
	Average Number Of Responses Per Case = 0.0
	Number Of Cases With At Least One Response = 3
	Response Percent = 1.0 %

10 

Duke, Global Business Outlook survey - Ecuador - First Quarter, 2016

5b. What are the key risks that might lead to recession in your country at year-end 2016? Other specified

Other	DÃ©ficit de balanza comercial	

11 

Duke, Global Business Outlook survey - Ecuador - First Quarter, 2016

6. Compared to interest rates today, how much would your borrowing costs have to increase to cause your company to 'reduce hiring plans'?

	 	Number	Percent	Cumulative
	0.25	0	0.0 %	0.0 %
	0.5	0	0.0 %	0.0 %
	0.75	0	0.0 %	0.0 %
	1.0	0	0.0 %	0.0 %
	1.5	0	0.0 %	0.0 %
	2.0	1	50.0 %	50.0 %
	2.5	0	0.0 %	50.0 %
	3.0	1	50.0 %	100.0 %
	3.5	0	0.0 %	100.0 %
	4.0	0	0.0 %	100.0 %
	Total	2	100.0 %	100.0 %

	Mean = 2.50
	SD = 0.71

	Missing Cases = 294
	Response Percent = 0.7 %

12 

Duke, Global Business Outlook survey - Ecuador - First Quarter, 2016

6. Compared to interest rates today, how much would your borrowing costs have to increase to cause your company to 'reduce capital spending plans'?

	 	Number	Percent	Cumulative
	0.25	0	0.0 %	0.0 %
	0.5	0	0.0 %	0.0 %
	0.75	0	0.0 %	0.0 %
	1.0	0	0.0 %	0.0 %
	1.5	1	50.0 %	50.0 %
	2.0	0	0.0 %	50.0 %
	2.5	1	50.0 %	100.0 %
	3.0	0	0.0 %	100.0 %
	3.5	0	0.0 %	100.0 %
	4.0	0	0.0 %	100.0 %
	Total	2	100.0 %	100.0 %

	Mean = 2.00
	SD = 0.71

	Missing Cases = 294
	Response Percent = 0.7 %

13 

Duke, Global Business Outlook survey - Ecuador - First Quarter, 2016

6. Compared to interest rates today, how much would your borrowing costs have to increase to cause your company to 'reduce borrowing plans'?

	 	Number	Percent	Cumulative
	0.25	0	0.0 %	0.0 %
	0.5	0	0.0 %	0.0 %
	0.75	1	100.0 %	100.0 %
	1.0	0	0.0 %	100.0 %
	1.5	0	0.0 %	100.0 %
	2.0	0	0.0 %	100.0 %
	2.5	0	0.0 %	100.0 %
	3.0	0	0.0 %	100.0 %
	3.5	0	0.0 %	100.0 %
	4.0	0	0.0 %	100.0 %
	Total	1	100.0 %	100.0 %

	Mean = 0.75
	SD = 0.00

	Missing Cases = 295
	Response Percent = 0.3 %

14 

Duke, Global Business Outlook survey - Ecuador - First Quarter, 2016

Industry

	 	Number	Percent	95% CI
	Mining/Construction	83	28.0 %	± 5.1 %
	Healthcare/Pharmaceutical	59	19.9 %	± 4.6 %
	Manufacturing	47	15.9 %	± 4.2 %
	Agriculture, Forestry, & Fishing	28	9.5 %	± 3.4 %
	Technology [Software/Hardware/Biotech]	11	3.7 %	± 2.2 %
	Banking/Finance/Insurance/Real Estate	2	0.7 %	± 0.9 %
	Retail/Wholesale	0	0.0 %	± 0.0 %
	Public Administration	0	0.0 %	± 0.0 %
	Communication/Media	0	0.0 %	± 0.0 %
	Transportation & Public Utilities	0	0.0 %	± 0.0 %
	Energy	0	0.0 %	± 0.0 %
	Services, Consulting	0	0.0 %	± 0.0 %
	Other Industry	66	22.3 %	± 4.8 %
	Total	296	100.0 %

	Missing Cases = 0
	Response Percent = 100.0 %

15 

Duke, Global Business Outlook survey - Ecuador - First Quarter, 2016

Industry (Other specified)

--- No Response ---

16 

Duke, Global Business Outlook survey - Ecuador - First Quarter, 2016

In what country are you personally located

	 	Number	Percent	95% CI
	Ecuador	296	100.0 %	± 0.0 %
	Total	296	100.0 %

	Missing Cases = 0
	Response Percent = 100.0 %

17 

Duke, Global Business Outlook survey - Ecuador - First Quarter, 2016

Headquarters Latin America (Other Specified)

--- No Response ---

18 

Duke, Global Business Outlook survey - Ecuador - First Quarter, 2016

If your company headquarters is another country, please indicate which country.

--- No Response ---

19 

Duke, Global Business Outlook survey - Ecuador - First Quarter, 2016

Foreign Sales

	 	Number	Percent	95% CI
	0%	248	90.8 %	± 4.2 %
	1-24%	17	6.2 %	± 2.7 %
	25-50%	2	0.7 %	± 0.9 %
	More than 50%	6	2.2 %	± 1.6 %
	Total	273	100.0 %

	Missing Cases = 23
	Response Percent = 92.2 %

20 

Duke, Global Business Outlook survey - Ecuador - First Quarter, 2016

In what region of the world are most of your foreign sales?

	 	Number	Percent	95% CI
	US/Canada	2	100.0 %
	Asia/Pacific Basin	0	0.0 %
	Africa	0	0.0 %
	Latin America	0	0.0 %
	Europe	0	0.0 %
	Total	2	100.0 %

	Missing Cases = 23
	Response Percent = 8.0 %

21 

Duke, Global Business Outlook survey - Ecuador - First Quarter, 2016

Your job title (e.g., CFO, Asst. Treasurer, etc):

	 	Number	Percent
	DueÃ±o	67	52.3 %
	Administrador	46	35.9 %
	GERENTE GENERAL	3	2.3 %
	GERENTE	2	1.6 %
	CONTADOR	2	1.6 %
	CFO	1	0.8 %
	PRESIDENTE	1	0.8 %
	COORDINADORA	1	0.8 %
	JEFE DE PLANTA	1	0.8 %
	Gerente Financiero	1	0.8 %
	COORDINACION DE PRODUCCION	1	0.8 %
	SOCIO MAYORITARIO	1	0.8 %
	JEFE FINANCIERO	1	0.8 %
	Total	128	100.0 %

	Missing Cases = 168
	Response Percent = 43.2 %