(For more on Ecuador's election, click on [nN26486483])

* Early results give Correa about 50 percent of vote

* Slowing economy threatens spending, leader's popularity

* Correa party close to absolute majority in assembly

By Alonso Soto and Frank Jack Daniel

QUITO, April 27 (Reuters) - Ecuador's President Rafael Correa sailed to a re-election victory on Sunday but will face tough times during his second term as a weak economy threatens his popularity in the politically volatile country.

The socialist Correa won about 50 percent of the vote with a 20-point lead over his nearest rival, former president Lucio Gutierrez, according to preliminary official results.

Correa's party is close to securing an absolute majority in the 124-member assembly, exit polls showed.

The resounding win ratifies him as the most successful leader for 30 years in the Andean country, which is known as much for repeatedly toppling presidents during political and economic turmoil as for its Galapagos islands and remote Amazon tribes.