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Economy of Ecuador information


Economy of Ecuador
Quito, the financial capital of Ecuador
CurrencyUnited States dollar (USD)
Fiscal year
calendar year
Trade organizations
Andean Community, WTO, PROSUR, ALADI, Mercosur (associate)
Country group
  • Developing/Emerging[1]
  • Upper-middle income economy[2]
Statistics
PopulationIncrease 18,342,507 (2022)[3]
GDP
  • Increase $115.098 billion (nominal, 2022)[4]
  • Increase $200.188 billion (PPP, 2018)[4]
GDP rank63rd (PPP, 2012 est.)
GDP growth
  • 1.3% (2018) 0.1% (2019e)
  • −7.4% (2020f) 4.1% (2021f)[5]
GDP per capita
  • Increase $6,368 (nominal, 2018)[4]
  • Increase $11,760 (PPP, 2018)[4]
GDP by sector
  • Agriculture: 6.7%
  • Industry: 32.9%
  • Services: 60.4%
  • (2017 est.)[6]
Inflation (CPI)
−0.2% (2018)[4]
Population below poverty line
  • Negative increase 25.0% (2019)[7]
  • Negative increase 24.2% on less than $5.50/day (2018)[8]
Gini coefficient
Negative increase 45.4 medium (2018)[9]
Human Development Index
  • Decrease 0.740 high (2021)[10] (95th)
  • Decrease 0.604 medium IHDI (2021)[11]
Labor force
  • Increase 8,671,801 (2019)[12]
  • Decrease 64.3% employment rate (2018)[13]
Labor force by occupation
  • agriculture: 26.1%
  • industry: 18.4%
  • services: 55.5%
  • (2017 est.)[6]
Unemployment3.5% (2018)[14]
Main industries
petroleum, food processing, textiles, wood products, chemicals
External
ExportsIncrease $19.3 billion (2017)[15]
Export goods
petroleum, bananas, cut flowers, shrimp, cacao, coffee, wood, fish
Main export partners
  • Economy of Ecuador United States 31%
  • Economy of Ecuador Vietnam 7.6%
  • Economy of Ecuador Chile 6.9%
  • Economy of Ecuador Panama 4.8%
  • Economy of Ecuador Russia 4.7%
  • (2017)[15]
Imports$19.3 billion (2017)[15]
Import goods
industrial materials, fuels and lubricants, nondurable consumer goods
Main import partners
  • Economy of Ecuador United States 19%
  • Economy of Ecuador China 19%
  • Economy of Ecuador Colombia 7.8%
  • Economy of Ecuador Brazil 4.5%
  • Economy of Ecuador Panama 4.4%
  • (2017)[15]
FDI stock
Increase $17.25 billion (December 31, 2017 est.)
Gross external debt
Increase$39.29 billion (December 31, 2017 est.)
Public finances
Government debt
Negative increase 44.6% of GDP (December 31, 2017)[16]
Revenues33.43 billion (2017 est.)[6]
Expenses38.08 billion (2017 est.)[6]
Economic aid$209.5 million (2005)
Foreign reserves
Increase $8.169 billion (2022)[17]
Main data source: CIA World Fact Book
All values, unless otherwise stated, are in US dollars.

The economy of Ecuador is the eighth largest in Latin America and the 69th largest in the world by total GDP.[18] Ecuador's economy is based on the export of oil, bananas, shrimp, gold, other primary agricultural products and money transfers from Ecuadorian emigrants employed abroad.[19] In 2017, remittances constituted 2.7% of Ecuador's GDP.[20] The total trade amounted to 42% of the Ecuador's GDP in 2017.[21]

The country is substantially dependent on its petroleum resources. In 2017, oil accounted for about one-third of public-sector revenue and 32% of export earnings.[22][23] When Ecuador was part of OPEC, it was one of the smallest members[24] and produced about 531,300 barrels per day of petroleum in 2017.[22][25] It is the world's largest exporter of bananas ($3.38 billion in 2017) and a major exporter of shrimp ($3.06 billion in 2017).[18] Exports of non-traditional products such as cut flowers ($846 million in 2017) and canned fish ($1.18 billion in 2017) have grown in recent years.[18]

In the past, Ecuador's economy depended largely on primary industries like agriculture, petroleum, and aquaculture. As a result of shifts in global market trends and development of technology, the country has experienced economic development in other sectors, such as textiles, processed food, metallurgy and the service sectors.[19] Between 2006 and 2014, GDP growth averaged 4.3%, driven by high oil prices and external financing.[26] From 2015 until 2018, GDP growth averaged just 0.6%.[27] Ecuador's ex-president, Lenín Moreno, launched a radical transformation of Ecuador's economy after taking office in May 2017. The aim was to increase the private sector's weight, in particular the oil industry.[28][29]

  1. ^ "World Economic Outlook Database, April 2019". IMF.org. International Monetary Fund. Retrieved September 29, 2019.
  2. ^ "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Retrieved September 29, 2019.
  3. ^ "Population, total – Ecuador". data.worldbank.org. World Bank. Retrieved January 18, 2020.
  4. ^ a b c d e "World Economic Outlook Database, October 2019". IMF.org. International Monetary Fund. Retrieved October 21, 2019.
  5. ^ "Global Economic Prospects, June 2020". openknowledge.worldbank.org. World Bank: 86. June 8, 2020. Retrieved June 16, 2020.
  6. ^ a b c d "Ecuador". CIA. 2019. Archived from the original on April 13, 2019. Retrieved April 13, 2019.
  7. ^ "Poverty headcount ratio at national poverty lines (% of population) – Ecuador". data.worldbank.org. World Bank. Retrieved April 2, 2020.
  8. ^ "Poverty headcount ratio at $5.50 a day (2011 PPP) (% of population) – Ecuador". data.worldbank.org. World Bank. Retrieved April 2, 2020.
  9. ^ "GINI index (World Bank estimate) – Ecuador". data.worldbank.org. World Bank. Retrieved April 2, 2020.
  10. ^ "Human Development Index (HDI)". hdr.undp.org. HDRO (Human Development Report Office) United Nations Development Programme. Retrieved November 15, 2022.
  11. ^ "Inequality-adjusted Human Development Index (IHDI)". hdr.undp.org. HDRO (Human Development Report Office) United Nations Development Programme. Retrieved November 15, 2022.
  12. ^ "Labor force, total – Ecuador". data.worldbank.org. World Bank. Retrieved January 18, 2020.
  13. ^ "Employment to population ratio, 15+, total (%) (national estimate) – Ecuador". data.worldbank.org. World Bank. Retrieved January 18, 2020.
  14. ^ "Ecuador". International Labour Organization (ILO). Retrieved April 13, 2019.
  15. ^ a b c d "Ecuador". The Observatory of Economic Complexity. Retrieved April 13, 2019.
  16. ^ "Ecuador Government Debt: % of GDP". CEIC Data. Retrieved April 13, 2019.
  17. ^ "Total reserves (includes gold, current US$)". data.worldbank.org. Retrieved April 14, 2019.
  18. ^ a b c "OEC – Ecuador (ECU) Exports, Imports, and Trade Partners". atlas.media.mit.edu. Retrieved April 14, 2019.
  19. ^ a b "The Economy Of Ecuador". WorldAtlas. Retrieved April 14, 2019.
  20. ^ "Personal remittances, received (% of GDP) | Data". data.worldbank.org. Retrieved April 14, 2019.
  21. ^ "Trade (% of GDP) | Data". data.worldbank.org. Retrieved April 20, 2019.
  22. ^ a b "OPEC : Ecuador". www.opec.org. Archived from the original on December 10, 2019. Retrieved April 14, 2019.
  23. ^ Energy Information Administration – EIA (2017). "Country Analysis Brief: Ecuador" (PDF). www.eia.gov.
  24. ^ "Ecuador's economy to contract by 0.5 pct this year, IMF says". Reuters. March 21, 2019. Retrieved April 14, 2019.
  25. ^ "OPEC : Member Countries". www.opec.org. Retrieved April 14, 2019.
  26. ^ "Ecuador". World Bank. Retrieved April 14, 2019.
  27. ^ "Overview". World Bank. Retrieved April 14, 2019.
  28. ^ EcoEmerging (2018). "Ecuador: A delicate situation". economic-research.bnpparibas.com. Archived from the original on January 25, 2020. Retrieved April 14, 2019.
  29. ^ "Ecuador unlikely to nationalize oil sector". Reuters. July 17, 2009. Retrieved April 14, 2019.

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