Economy - overview:
Ecuador is substantially dependent on its petroleum resources, which have accounted for more than half of the country's export earnings and approximately one-third of public sector revenues in recent years. In 1999/2000, Ecuador suffered a severe economic crisis, with GDP contracting by 5.3%. Poverty increased significantly, the banking system collapsed, and Ecuador defaulted on its external debt. In March 2000, the Congress approved a series of structural reforms that also provided for the adoption of the US dollar as legal tender. Dollarization stabilized the economy, and positive growth returned in the years that followed, helped by high oil prices, remittances, and increased non-traditional exports. From 2002-06 the economy grew an average of 5.2% per year, the highest five-year average in 25 years. After moderate growth in 2007, the economy reached a growth rate of 7.2% in 2008, in large part due to high global petroleum prices and increased public sector investment. President Rafael CORREA, who took office in January 2007, defaulted in December 2008 on Ecuador's sovereign debt, which, with a total face value of approximately US$3.2 billion, represented about 80% of Ecuador's private external debt. In May 2009, Ecuador bought back 91% of its "defaulted" bonds via an international auction. Economic policies under the CORREA administration - including an announcement in late 2009 of its intention to terminate 13 bilateral investment treaties, including one with the United States - have generated economic uncertainty and discouraged private investment. The Ecuadorian economy slowed to 0.4% growth in 2009 due to the global financial crisis and to the sharp decline in world oil prices and remittance flows. Growth picked up to a 3.6% rate in 2010 and 5.8% in 2011. The government in 2011 signed a $2 billion loan with the state-owned China Development Bank and announced plans to obtain further Chinese loans. China has become Ecuador's largest foreign lender since Quito defaulted in 2008, allowing the government to maintain a high rate of social spending.
GDP (purchasing power parity): GDP (official exchange rate): GDP - real growth rate: GDP - per capita (PPP): GDP - composition by sector: Labor force: Labor force - by occupation: Unemployment rate: Population below poverty line: Household income or consumption by percentage share: Distribution of family income - Gini index: Investment (gross fixed): Budget: Taxes and other revenues: Budget surplus (+) or deficit (-): Public debt: Inflation rate (consumer prices): Central bank discount rate: Commercial bank prime lending rate: Stock of narrow money: Stock of broad money: Stock of domestic credit: Market value of publicly traded shares: Agriculture - products: Industries: Industrial production growth rate: Electricity - production: Electricity - consumption: Electricity - exports: Electricity - imports: Oil - production: Oil - consumption: Oil - exports: Oil - imports: Natural gas - production: Natural gas - consumption: Natural gas - exports: Natural gas - imports: Natural gas - proved reserves: Current account balance: Exports: Exports - commodities: Exports - partners: Imports: Imports - commodities: Imports - partners: Reserves of foreign exchange and gold: Debt - external: Stock of direct foreign investment - at home: Stock of direct foreign investment - abroad: Exchange rates:
NOTE: 1) The information regarding Ecuador on this page is re-published from the 2012 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Ecuador Economy 2012 information contained here. All suggestions for corrections of any errors about Ecuador Economy 2012 should be addressed to the CIA.
$124.8 billion (2011 est.)
country comparison to the world: 64
note: data are in 2011 US dollars
[see also: GDP country ranks ]
$65.3 billion (2011 est.)
[see also: GDP (official exchange rate) country ranks ]
5.8% (2011 est.)
country comparison to the world: 52
[see also: GDP - real growth rate country ranks ]
$8,300 (2011 est.)
country comparison to the world: 120
note: data are in 2011 US dollars
[see also: GDP - per capita country ranks ]
agriculture: 6.5%
[see also: GDP - composition by sector - agriculture country ranks ]
industry: 34.6%
[see also: GDP - composition by sector - industry country ranks ]
services: 58.9% (2011 est.)
[see also: GDP - composition by sector - services country ranks ]
4.673 million (urban) (2011 est.)
country comparison to the world: 80
[see also: Labor force country ranks ]
agriculture: 8.3%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 21.2%
[see also: Labor force - by occupation - industry country ranks ]
services: 70.4% (2005)
[see also: Labor force - by occupation - services country ranks ]
7.5% (2011 est.)
country comparison to the world: 84
[see also: Unemployment rate country ranks ]
33.1% (June 2010)
[see also: Population below poverty line country ranks ]
lowest 10%: 1%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 35.3%
[see also: Household income or consumption by percentage share - highest 10% country ranks ]
note: data for urban households only (June 2010)
46.9 (June 2010)
country comparison to the world: 31
note: data are for urban households
[see also: Distribution of family income - Gini index country ranks ]
25% of GDP (2011 est.)
country comparison to the world: 66
[see also: Investment (gross fixed) country ranks ]
revenues: $18.6 billion
[see also: Budget revenues country ranks ]
expenditures: $22.3 billion (2011 est.)
[see also: Budget expenditures country ranks ]
28.5% of GDP (2011 est.)
country comparison to the world: 96
[see also: Taxes and other revenues country ranks ]
-5.7% of GDP (2011 est.)
country comparison to the world: 162
[see also: Budget surplus (+) or deficit (-) country ranks ]
25.5% of GDP (2011 est.)
country comparison to the world: 103
[see also: Public debt country ranks ]
4.7% (2011 est.)
country comparison to the world: 112
[see also: Inflation rate (consumer prices) country ranks ]
8.68% (31 December 2010)
country comparison to the world: 36
[see also: Central bank discount rate country ranks ]
8.6% (31 December 2011 est.)
country comparison to the world: 115
[see also: Commercial bank prime lending rate country ranks ]
$7.679 billion (31 December 2011 est.)
country comparison to the world: 80
[see also: Stock of narrow money country ranks ]
$23.63 billion (31 December 2011 est.)
country comparison to the world: 81
[see also: Stock of broad money country ranks ]
$21.2 billion (31 December 2011 est.)
country comparison to the world: 80
[see also: Stock of domestic credit country ranks ]
$5.263 billion (31 December 2010)
country comparison to the world: 87
[see also: Market value of publicly traded shares country ranks ]
bananas, coffee, cocoa, rice, potatoes, manioc (tapioca), plantains, sugarcane; cattle, sheep, pigs, beef, pork, dairy products; balsa wood; fish, shrimp
petroleum, food processing, textiles, wood products, chemicals
1.9% (2011 est.)
country comparison to the world: 130
[see also: Industrial production growth rate country ranks ]
18.06 billion kWh (2008 est.)
country comparison to the world: 73
[see also: Electricity - production country ranks ]
14.75 billion kWh (2008 est.)
country comparison to the world: 76
[see also: Electricity - consumption country ranks ]
21 million kWh (2008 est.)
[see also: Electricity - exports country ranks ]
1.099 billion kWh (2008 est.)
[see also: Electricity - imports country ranks ]
495,100 bbl/day (2010 est.)
country comparison to the world: 32
[see also: Oil - production country ranks ]
201,000 bbl/day (2010 est.)
country comparison to the world: 56
[see also: Oil - consumption country ranks ]
364,500 bbl/day (2009 est.)
country comparison to the world: 38
[see also: Oil - exports country ranks ]
80,430 bbl/day (2009 est.)
country comparison to the world: 72
[see also: Oil - imports country ranks ]
296 million cu m (2009 est.)
country comparison to the world: 74
[see also: Natural gas - production country ranks ]
296 million cu m (2009 est.)
country comparison to the world: 99
[see also: Natural gas - consumption country ranks ]
0 cu m (2009 est.)
country comparison to the world: 90
[see also: Natural gas - exports country ranks ]
0 cu m (2009 est.)
country comparison to the world: 184
[see also: Natural gas - imports country ranks ]
7.985 billion cu m (1 January 2011 est.)
country comparison to the world: 83
[see also: Natural gas - proved reserves country ranks ]
-$1.135 billion (2011 est.)
country comparison to the world: 132
[see also: Current account balance country ranks ]
$23.54 billion (2011 est.)
country comparison to the world: 70
[see also: Exports country ranks ]
petroleum, bananas, cut flowers, shrimp, cacao, coffee, wood, fish
US 34.8%, Panama 13%, Peru 7.7%, Colombia 4.5%, Russia 4.2%, Chile 4.2% (2010)
$23.58 billion (2011 est.)
country comparison to the world: 70
[see also: Imports country ranks ]
industrial materials, fuels and lubricants, nondurable consumer goods
US 27.9%, Colombia 10.1%, China 7.5%, Venezuela 2.6%, Brazil 4.2% (2010)
$3.819 billion (31 December 2011 est.)
country comparison to the world: 96
[see also: Reserves of foreign exchange and gold country ranks ]
$19.62 billion (31 December 2011 est.)
country comparison to the world: 79
[see also: Debt - external country ranks ]
$12.51 billion (31 December 2011 est.)
country comparison to the world: 79
[see also: Stock of direct foreign investment - at home country ranks ]
$6.848 billion (31 December 2011 est.)
country comparison to the world: 57
[see also: Stock of direct foreign investment - abroad country ranks ]
the US dollar became Ecuador's currency in 2001
2) The rank that you see is the CIA reported rank, which may habe the following issues:
a) They assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order
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This page was last modified 07-Mar-12