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Ecuador Economy 2011
https://theodora.com/wfb2011/ecuador/ecuador_economy.html
SOURCE: 2011 CIA WORLD FACTBOOK AND OTHER SOURCES


















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Page last updated on January 13, 2011

Economy - overview:
Ecuador is substantially dependent on its petroleum resources, which have accounted for more than half of the country's export earnings and one-fourth of public sector revenues in recent years. In 1999/2000, Ecuador suffered a severe economic crisis, with GDP contracting by more than 6%. Poverty increased significantly, the banking system collapsed, and Ecuador defaulted on its external debt later that year. 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 5.5%, 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. President Rafael CORREA, who took office in January 2007, defaulted on Ecuador's sovereign debt in December 2008, refusing to make payment on $3.2 billion in international bonds, representing over 80% of Ecuador's private external debt. Economic policies under the CORREA administration - including an announcement in late 2009 terminating 13 bilateral investment treaties - 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 the sharp decline in world oil prices and remittance flows, but picked up to a 2.4% growth rate in 2010.

GDP (purchasing power parity):
$114.7 billion (2010 est.)
country comparison to the world: 65

$112 billion (2009 est.)
$111.6 billion (2008 est.)
note: data are in 2010 US dollars
[see also: GDP (purchasing power parity) country ranks ]

GDP (official exchange rate):
$61.49 billion (2009 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
2.4% (2010 est.)
country comparison to the world: 142

0.4% (2009 est.)
7.2% (2008 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$7,800 (2010 est.)
country comparison to the world: 126

$7,700 (2009 est.)
$7,800 (2008 est.)
note: data are in 2010 US dollars
[see also: GDP - per capita country ranks ]

GDP - composition by sector:
agriculture: 6.8%
[see also: GDP - composition by sector - agriculture country ranks ]
industry: 32.9%
[see also: GDP - composition by sector - industry country ranks ]
services: 60.3% (2009 est.)
[see also: GDP - composition by sector - services country ranks ]

Labor force:
4.59 million (urban) (2009 est.)
country comparison to the world: 79
[see also: Labor force country ranks ]

Labor force - by occupation:
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 ]

Unemployment rate:
7.6% (2010 est.)
country comparison to the world: 82

8.5% (2009 est.)
[see also: Unemployment rate country ranks ]

Population below poverty line:
35.1% (2008)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 1.2%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 43.3%
[see also: Household income or consumption by percentage share - highest 10% country ranks ]
note: data for urban households only (2007)

Distribution of family income - Gini index:
47.9 (2009)
country comparison to the world: 31

50.5 (2006)
note: data are for urban households
[see also: Distribution of family income - Gini index country ranks ]

Investment (gross fixed):
23.7% of GDP (2009 est.)
country comparison to the world: 50
[see also: Investment (gross fixed) country ranks ]

Budget:
revenues: $20.83 billion
[see also: Budget - revenues country ranks ]
expenditures: planned $22.76 billion (2009 est.)
[see also: Budget - expenditures country ranks ]

Public debt:
23.1% of GDP (2010 est.)
country comparison to the world: 104

19.7% of GDP (2009 est.)
[see also: Public debt country ranks ]

Inflation rate (consumer prices):
3.6% (2010 est.)
country comparison to the world: 104

8.4% (2008 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
9.19% (31 December 2009)
country comparison to the world: 50

9.14% (31 December 2008)
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
19% (31 December 2009)
country comparison to the world: 102

9.14% (31 December 2008)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$6.198 billion (31 December 2010 est)

$5.201 billion (31 December 2009 est)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$18.62 billion (31 December 2010 est.)

$15.47 billion (31 December 2009 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$14.92 billion (31 December 2010 est.)
country comparison to the world: 86

$12.31 billion (31 December 2009 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$4.248 billion (31 December 2009)
country comparison to the world: 84

$4.562 billion (31 December 2008)
$4.266 billion (31 December 2007)
[see also: Market value of publicly traded shares country ranks ]

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:
2% (2009 est.)
country comparison to the world: 127
[see also: Industrial production growth rate country ranks ]

Electricity - production:
16.42 billion kWh (2007 est.)
country comparison to the world: 75
[see also: Electricity - production country ranks ]

Electricity - consumption:
15.81 billion kWh (2007 est.)
country comparison to the world: 75
[see also: Electricity - consumption country ranks ]

Electricity - exports:
20.68 million kWh (2007 est.)
[see also: Electricity - exports country ranks ]

Electricity - imports:
1.12 billion kWh (2007 est.)
[see also: Electricity - imports country ranks ]

Oil - production:
485,700 bbl/day (2009 est.)
country comparison to the world: 32
[see also: Oil - production country ranks ]

Oil - consumption:
181,000 bbl/day (2009 est.)
country comparison to the world: 58
[see also: Oil - consumption country ranks ]

Oil - exports:
327,600 bbl/day (2009 est.)
country comparison to the world: 37
[see also: Oil - exports country ranks ]

Oil - imports:
54,190 bbl/day (2007 est.)
country comparison to the world: 83
[see also: Oil - imports country ranks ]

Oil - proved reserves:
6.542 billion bbl (1 January 2010 est.)
country comparison to the world: 22
[see also: Oil - proved reserves country ranks ]

Natural gas - production:
260 million cu m (2008 est.)
country comparison to the world: 71
[see also: Natural gas - production country ranks ]

Natural gas - consumption:
260 million cu m (2008 est.)
country comparison to the world: 99
[see also: Natural gas - consumption country ranks ]

Natural gas - exports:
0 cu m (2008 est.)
country comparison to the world: 63
[see also: Natural gas - exports country ranks ]

Natural gas - imports:
0 cu m (2008 est.)
country comparison to the world: 88
[see also: Natural gas - imports country ranks ]

Natural gas - proved reserves:
7.985 billion cu m (1 January 2010 est.)
country comparison to the world: 82
[see also: Natural gas - proved reserves country ranks ]

Current account balance:
-$692 million (2010 est.)
country comparison to the world: 125

-$337.4 million (2009 est.)
[see also: Current account balance country ranks ]

Exports:
$17.37 billion (2010 est.)
country comparison to the world: 72

$14.35 billion (2009 est.)
[see also: Exports country ranks ]

Exports - commodities:
petroleum, bananas, cut flowers, shrimp, cacao, coffee, hemp, wood, fish

Exports - partners:
US 33.5%, Peru 6.8%, Chile 6.5%, Columbia 4.9%, Colombia 4.58%, Russia 4.11% (2009)

Imports:
$17.65 billion (2010 est.)
country comparison to the world: 76

$14.27 billion (2009 est.)
[see also: Imports country ranks ]

Imports - commodities:
industrial materials, fuels and lubricants, nondurable consumer goods

Imports - partners:
US 25.4%, Columbia 10.6%, Venezuela 6.5%, Brazil 4.5%, Brazil 4.35% (2009)

Reserves of foreign exchange and gold:
$3.59 billion (31 December 2010 est.)
country comparison to the world: 83

$3.792 billion (31 December 2009 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$14.71 billion (31 December 2010 est.)
country comparison to the world: 78

$13.48 billion (31 December 2009 est.)
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$12.3 billion (31 December 2010 est.)
country comparison to the world: 78

$11.95 billion (31 December 2009 est.)
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$NA (31 December 2010 est.)

$8.019 billion (31 December 2009 est.)
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
1 (2010), 1 (2009)
note: the US dollar is legal tender


NOTE: The information regarding Ecuador on this page is re-published from the 2011 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Ecuador Economy 2011 information contained here. All suggestions for corrections of any errors about Ecuador Economy 2011 should be addressed to the CIA.



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