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Ecuador Economy 1996

Overview:

Ecuador has substantial oil resources and rich agricultural areas. Growth has been uneven in recent years because of fluctuations in prices for Ecuador's primary exports - oil and bananas - as well as because of government policies designed to curb inflation. President Sixto DURAN-BALLEN launched a series of macroeconomic reforms when he came into office in August 1992 which included raising domestic fuel prices and utility rates, eliminating most subsidies, and bringing the government budget into balance. These measures helped to reduce inflation from 55% in 1992 to 25% in 1994. DURAN-BALLEN has a much more favorable attitude toward foreign investment than his predecessor and has supported several laws designed to encourage foreign investment. Ecuador has implemented free or complementary trade agreements with Bolivia, Chile, Colombia, Peru, and Venezuela, as well as applied for World Trade Organization membership. Ecuador signed a standby agreement with the IMF and rescheduled its $7.6 billion commercial debt in 1994 thereby regaining access to multilateral lending. Growth in 1994 speeded up to 3.9%, based on increased exports of bananas and non-traditional products, while international reserves increased to a record $1.6 billion.

National product:

GDP - purchasing power parity - $41.1 billion (1994 est.)

National product real growth rate:

3.9% (1994 est.)

National product per capita:

$3,840 (1994 est.)

Inflation rate (consumer prices):

25% (1994)

Unemployment rate:

7.1% (1994)

Budget:

revenues:

$2.76 billion

expenditures:

$2.76 billion, including capital expenditures of $NA (1994)

Exports:

$3.3 billion (f.o.b., 1994 est.)

commodities:

petroleum 39%, bananas 17%, shrimp 16%, cocoa 3%, coffee 6%

partners:

US 42%, Latin America 29%, Caribbean, EU countries 17%

Imports:

$3 billion (f.o.b., 1994 est.)

commodities:

transport equipment, consumer goods, vehicles, machinery, chemicals

partners:

US 28%, EU 17%, Latin America 31%, Caribbean, Japan

External debt:

$13.2 billion (yearend 1993 est.)

Industrial production:

growth rate 6.4% (1993); accounts for almost 35% of GDP, including petroleum

Electricity:

capacity:

2,230,000 kW

production:

6.9 billion kWh

consumption per capita:

612 kWh (1993)

Industries:

petroleum, food processing, textiles, metal work, paper products, wood products, chemicals, plastics, fishing, lumber

Agriculture:

accounts for 14% of GDP (including fishing and forestry); leading producer and exporter of bananas and balsawood; other agricultural exports - coffee, cocoa, fish, shrimp; other crops - rice, potatoes, manioc, plantains, sugarcane; livestock products - cattle, sheep, hogs, beef, pork, dairy products; net importer of foodgrains, dairy products, and sugar

Illicit drugs:

significant transit country for derivatives of coca originating in Colombia, Bolivia, and Peru; minor illicit producer of coca; importer of precursor chemicals used in production of illicit narcotics; important money-laundering hub

Economic aid:

recipient:

US commitments, including Ex-Im (FY70-89), $498 million; Western (non-US) countries, ODA and OOF bilateral commitments (1970-91), $2.39 billion; Communist countries (1970-89), $64 million

Currency:

1 sucre (S/) = 100 centavos

Exchange rates:

sucres (S/) per US$1 - 1,198.1 (December 1994), 2,196.7 (1994), 1,919.1 (1993), 1,534.0 (1992), 1,046.25 (1991), 767.8 (1990), 767.78 (1990), 526.35 (1989)

Fiscal year:

calendar year

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