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 two-fifths of public sector revenues in recent years. In 1999/2000, Ecuador's economy suffered from a banking crisis, with GDP contracting by 5.3% and poverty increasing significantly. 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 4.3% per year, the highest five-year average in 25 years. After moderate growth in 2007, the economy reached a growth rate of 6.4% in 2008, buoyed by high global petroleum prices and increased public sector investment. President Rafael CORREA Delgado, 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 30% of Ecuador's public external debt. In May 2009, Ecuador bought back 91% of its "defaulted" bonds via an international reverse auction. Economic policies under the CORREA administration - for example, 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. China has become Ecuador's largest foreign lender since Quito defaulted in 2008, allowing the government to maintain a high rate of social spending; Ecuador contracted with the Chinese government for more than $9.9 billion in forward oil sales, project financing, and budget support loans as of December 2013. Foreign investment levels in Ecuador continue to be the lowest in the region as a result of an unstable regulatory environment, weak rule of law, and the crowding-out effect of public investments. In 2013, oil output marginally reversed a declining trend and production is expected to increase slightly in 2014, although prices will likely remain lower than in previous years. Faced with a 2013 trade deficit of $1.1 billion, Ecuador erected technical barriers to trade in December 2013, causing tensions with its largest trading partners. Ecuador also decriminalized intellectual property rights violations in February 2014.
GDP (purchasing power parity): GDP (official exchange rate): GDP - real growth rate: GDP - per capita (PPP): Gross national saving: GDP - composition, by end use:
GDP - composition, by sector of origin:
Agriculture - products: Industries: Industrial production growth rate: 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: Budget:
Taxes and other revenues: Budget surplus (+) or deficit (-): Public debt: Fiscal year: 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: 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:
$157.6 billion (2013 est.)
country comparison to the world: 62
$151.5 billion (2012 est.)
$144.2 billion (2011 est.)
note:
data are in 2013 US dollars
[see also: GDP country ranks ]
$91.41 billion (2013 est.)
[see also: GDP (official exchange rate) country ranks ]
4% (2013 est.)
country comparison to the world: 79
5.1% (2012 est.)
7.8% (2011 est.)
[see also: GDP - real growth rate country ranks ]
$10,600 (2013 est.)
country comparison to the world: 116
$9,600 (2012 est.)
$9,200 (2011 est.)
note:
data are in 2013 US dollars
[see also: GDP - per capita country ranks ]
26% of GDP (2013 est.)
country comparison to the world: 44
21.3% of GDP (2012 est.)
19.7% of GDP (2011 est.)
[see also: Gross national saving country ranks ]
household consumption:
62.4%
government consumption:
13.4%
investment in fixed capital:
26.6%
investment in inventories:
0.3%
exports of goods and services:
29.4%
imports of goods and services:
-32.1%
(2013 est.)
agriculture:
5.9%
industry:
35.1%
services:
59% (2013 est.)
bananas, coffee, cocoa, rice, potatoes, cassava (manioc, tapioca), plantains, sugarcane; cattle, sheep, pigs, beef, pork, dairy products; fish, shrimp; balsa wood
petroleum, food processing, textiles, wood products, chemicals
3.1%
country comparison to the world: 94
note:
excludes oil refining (2013 est.)
[see also: Industrial production growth rate country ranks ]
6.953 million (2013 est.)
country comparison to the world: 64
[see also: Labor force country ranks ]
agriculture:
27.8%
industry:
17.8%
services:
54.4% (2012)
4.2% (2013 est.)
country comparison to the world: 38
4.2% (2011 est.)
[see also: Unemployment rate country ranks ]
25.6% (December 2013 est)
[see also: Population below poverty line country ranks ]
lowest 10%:
1.4%
highest 10%:
38.3%
note:
data for urban households only (2010 est.)
48.5 (December 2013)
country comparison to the world: 23
50.5 (December 2010)
note:
data are for urban households
[see also: Distribution of family income - Gini index country ranks ]
revenues:
$37 billion
expenditures:
$39.3 billion (2013 est.)
40.5% of GDP (2013 est.)
country comparison to the world: 37
[see also: Taxes and other revenues country ranks ]
-2.5% of GDP (2013 est.)
country comparison to the world: 104
[see also: Budget surplus (+) or deficit (-) country ranks ]
23.2% of GDP (2013 est.)
country comparison to the world: 131
21% of GDP (2012 est.)
[see also: Public debt country ranks ]
calendar year
2.6% (2013 est.)
country comparison to the world: 99
4.5% (2011 est.)
[see also: Inflation rate (consumer prices) country ranks ]
8.17% (31 December 2011)
country comparison to the world: 32
8.68% (31 December 2010)
[see also: Central bank discount rate country ranks ]
8.7% (31 December 2013 est.)
country comparison to the world: 109
8.17% (31 December 2012 est.)
[see also: Commercial bank prime lending rate country ranks ]
$8.59 billion (31 December 2013 est.)
country comparison to the world: 84
$7.801 billion (31 December 2012 est.)
[see also: Stock of narrow money country ranks ]
$27.75 billion (31 December 2013 est.)
country comparison to the world: 76
$24.68 billion (31 December 2012 est.)
[see also: Stock of broad money country ranks ]
$25.4 billion (31 December 2013 est.)
country comparison to the world: 73
$22.5 billion (31 December 2012 est.)
[see also: Stock of domestic credit country ranks ]
$5.911 billion (31 December 2012 est.)
country comparison to the world: 76
$5.779 billion (31 December 2011)
$5.263 billion (31 December 2010 est.)
[see also: Market value of publicly traded shares country ranks ]
-$827.1 million (2013 est.)
country comparison to the world: 115
-$177 million (2012 est.)
[see also: Current account balance country ranks ]
$25.48 billion (2013 est.)
country comparison to the world: 69
$24.65 billion (2012 est.)
[see also: Exports country ranks ]
petroleum, bananas, cut flowers, shrimp, cacao, coffee, wood, fish
US 37.3%, Chile 8.1%, Peru 6.5%, Japan 4.5%, Russia 4.5%, Colombia 4% (2012)
$26.22 billion (2013 est.)
country comparison to the world: 71
$24.58 billion (2012 est.)
[see also: Imports country ranks ]
industrial materials, fuels and lubricants, nondurable consumer goods
US 28.4%, China 11.3%, Colombia 8.8%, Peru 4.5% (2012)
$2.625 billion (.)
country comparison to the world: 115
$2.483 billion (31 December 2012 est.)
[see also: Reserves of foreign exchange and gold country ranks ]
$19.91 billion (31 December 2013 est.)
country comparison to the world: 81
$17.68 billion (31 December 2012 est.)
[see also: Debt - external country ranks ]
$17.89 billion (31 December 2013 est.)
country comparison to the world: 75
$17.3 billion (31 December 2012 est.)
[see also: Stock of direct foreign investment - at home country ranks ]
$6.33 billion (31 December 2012 est.)
country comparison to the world: 61
$6.33 billion (31 December 2011 est.)
[see also: Stock of direct foreign investment - abroad country ranks ]
the US dollar became Ecuador's currency in 2001