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    Ecuador Index 2006

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    Ecuador Economy - 2006
    https://theodora.com/wfbcurrent/ecuador/ecuador_economy.html
    SOURCE: 2006 CIA WORLD FACTBOOK

      Economy - overview:
      Ecuador has substantial petroleum resources, which have accounted for 40% of the country's export earnings and one-third of central government budget revenues in recent years. Consequently, fluctuations in world market prices can have a substantial domestic impact. In the late 1990s, Ecuador suffered its worst economic crisis, with natural disasters and sharp declines in world petroleum prices driving Ecuador's economy into free fall in 1999. Real GDP contracted by more than 6%, with poverty worsening significantly. The banking system also collapsed, and Ecuador defaulted on its external debt later that year. The currency depreciated by some 70% in 1999, and, on the brink of hyperinflation, the MAHAUD government announced it would dollarize the economy. A coup, however, ousted MAHAUD from office in January 2000, and after a short-lived junta failed to garner military support, Vice President Gustavo NOBOA took over the presidency. In March 2000, Congress approved a series of structural reforms that also provided the framework for the adoption of the US dollar as legal tender. Dollarization stabilized the economy, and growth returned to its pre-crisis levels in the years that followed. Under the administration of Lucio GUTIERREZ - January 2003 to April 2005 - Ecuador benefited from higher world petroleum prices. However, the government under Alfredo PALACIO has reversed economic reforms that reduced Ecuador's vulnerability to petroleum price swings and financial crises, allowing the central government greater access to oil windfalls and disbursing surplus retirement funds.

      GDP (purchasing power parity):
      $52.77 billion (2005 est.)

      GDP (official exchange rate):
      $30.6 billion (2005 est.)

      GDP - real growth rate:
      3% (2005 est.)

      GDP - per capita (PPP):
      $3,900 (2005 est.)

      GDP - composition by sector:
      agriculture: 7.4%
      industry: 31.8%
      services: 60.8% (2005 est.)

      Labor force:
      4.6 million (urban) (2005 est.)

      Labor force - by occupation:
      agriculture: 8%
      industry: 24%
      services: 68% (2001)

      Unemployment rate:
      9.7% official rate; but underemployment of 47% (November 2005 est.)

      Population below poverty line:
      52% (2006)

      Household income or consumption by percentage share:
      lowest 10%: 2%
      highest 10%: 32%
      note: data for urban households only (October 2003)

      Distribution of family income - Gini index:
      42
      note: data are for urban households (2003)

      Inflation rate (consumer prices):
      3.1% (2005)

      Investment (gross fixed):
      22% of GDP (2005 est.)

      Budget:
      revenues: $8.822 billion
      expenditures: planned $8.153 billion; including capital expenditures of $1.6 billion (2005 est.)

      Public debt:
      44.9% of GDP (2005 est.)

      Agriculture - products:
      bananas, coffee, cocoa, rice, potatoes, manioc (tapioca), plantains, sugarcane; cattle, sheep, pigs, beef, pork, dairy products; balsa wood; fish, shrimp

      Industries:
      petroleum, food processing, textiles, wood products, chemicals

      Industrial production growth rate:
      4.5% (2005 est.)

      Electricity - production:
      11.27 billion kWh (2003)

      Electricity - consumption:
      10.55 billion kWh (2003)

      Electricity - exports:
      65 million kWh (2003)

      Electricity - imports:
      140 million kWh (2003)

      Oil - production:
      493,200 bbl/day (2005 est.)

      Oil - consumption:
      155,000 bbl/day (2003 est.)

      Oil - exports:
      387,000 bbl/day (2004 est.)

      Oil - imports:
      NA bbl/day

      Oil - proved reserves:
      4.512 billion bbl (2005 est.)

      Natural gas - production:
      50 million cu m (2003 est.)

      Natural gas - consumption:
      50 million cu m (2003 est.)

      Natural gas - exports:
      0 cu m (2001 est.)

      Natural gas - imports:
      0 cu m (2001 est.)

      Natural gas - proved reserves:
      9.769 billion cu m (2005)

      Current account balance:
      $58 million (2005 est.)

      Exports:
      $9.224 billion (2005 est.)

      Exports - commodities:
      petroleum, bananas, cut flowers, shrimp

      Exports - partners:
      US 42.9%, Panama 14.3%, Peru 7.9%, Italy 4.6% (2004)

      Imports:
      $8.436 billion (2005 est.)

      Imports - commodities:
      vehicles, medicinal products, telecommunications equipment, electricity

      Imports - partners:
      US 16.5%, Colombia 14.1%, China 9.2%, Venezuela 7.1%, Brazil 6.5%, Chile 4.6%, Japan 4.5%, Mexico 4.3% (2004)

      Reserves of foreign exchange and gold:
      $2.147 billion (2005)

      Debt - external:
      $18.29 billion (November 2005 est.)

      Economic aid - recipient:
      $216 million (2002)

      Currency (code):
      US dollar (USD)

      Exchange rates:
      25,000 (2005), 25,000 (2004), 25,000 (2003), 25,000 (2002), 25,000 (2001)

      Fiscal year:
      calendar year


      NOTE: The information regarding Ecuador on this page is re-published from the 2006 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Ecuador Economy 2006 information contained here. All suggestions for corrections of any errors about Ecuador Economy 2006 should be addressed to the CIA.

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    https://theodora.com/wfbcurrent/ecuador/ecuador_economy.html

    Revised 06-Jun-06
    Copyright © 2006 Photius Coutsoukis (all rights reserved)


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