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Ecuador Economy 2019

SOURCE: 2019 CIA WORLD FACTBOOK AND OTHER SOURCES











Ecuador Economy 2019
SOURCE: 2019 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 08, 2019

Economy - overview:
Ecuador is substantially dependent on its petroleum resources, which accounted for about a third of the country's export earnings in 2017. Remittances from overseas Ecuadorian are also important.

In 1999/2000, Ecuador's economy suffered from a banking crisis that lead to some reforms, including adoption of the US dollar as legal tender. Dollarization stabilized the economy, and positive growth returned in most of the years that followed. China has become Ecuador's largest foreign lender since 2008 and now accounts for 77.7% of the Ecuador’s bilateral debt. Various economic policies under the CORREA administration, such as an announcement in 2017 that Ecuador would terminate 13 bilateral investment treaties - including one with the US, generated economic uncertainty and discouraged private investment.

Faced with a 2013 trade deficit of $1.1 billion, Ecuador imposed tariff surcharges from 5% to 45% on an estimated 32% of imports. Ecuador’s economy fell into recession in 2015 and remained in recession in 2016. Declining oil prices and exports forced the CORREA administration to cut government oulays. Foreign investment in Ecuador is low as a result of the unstable regulatory environment and weak rule of law.

n April of 2017, Lenin MORENO was elected President of Ecuador by popular vote. His immediate challenge was to reengage the private sector to improve cash flow in the country. Ecuador’s economy returned to positive, but sluggish, growth. In early 2018, the MORENO administration held a public referendum on seven economic and political issues in a move counter to CORREA-administration policies, reduce corruption, strengthen democracy, and revive employment and the economy. The referendum resulted in repeal of taxes associated with recovery from the earthquake of 2016, reduced restrictions on metal mining in the Yasuni Intangible Zone - a protected area, and several political reforms.

GDP (purchasing power parity):
$193 billion (2017 est.)
$188.6 billion (2016 est.)
$190.9 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 66
[see also: GDP country ranks ]

GDP (official exchange rate):
$104.3 billion (2017 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
2.4% (2017 est.)
-1.2% (2016 est.)
0.1% (2015 est.)
country comparison to the world: 138
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$11,500 (2017 est.)
$11,400 (2016 est.)
$11,700 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 132
[see also: GDP - per capita country ranks ]

Gross national saving:
25.9% of GDP (2017 est.)
26.4% of GDP (2016 est.)
24.7% of GDP (2015 est.)
country comparison to the world: 51
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 60.7% (2017 est.)
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 14.4% (2017 est.)
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 24.3% (2017 est.)
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 1% (2017 est.)
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 20.8% (2017 est.)
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -21.3% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 6.7% (2017 est.)
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 32.9% (2017 est.)
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 60.4% (2017 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

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

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

Industrial production growth rate:
-0.6% (2017 est.)
note: excludes oil refining
country comparison to the world: 173
[see also: Industrial production growth rate country ranks ]

Labor force:
8.086 million (2017 est.)
country comparison to the world: 62
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 26.1%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 18.4%
[see also: Labor force - by occupation - industry country ranks ]
services: 55.5% (2017 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
4.6% (2017 est.)
5.2% (2016 est.)
country comparison to the world: 66
[see also: Unemployment rate country ranks ]

Population below poverty line:
21.5% (December 2017 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 1.4%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 35.4% (2012 est.)
note: data are for urban households only

Distribution of family income - Gini index:
45.9 (December 2017)
48.5 (December 2017)
note: data are for urban households only
country comparison to the world: 36
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: 33.43 billion (2017 est.)
[see also: Budget - revenues country ranks ]
expenditures: 38.08 billion (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
32% (of GDP) (2017 est.)
country comparison to the world: 69
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-4.5% (of GDP) (2017 est.)
country comparison to the world: 164
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
45.4% of GDP (2017 est.)
43.2% of GDP (2016 est.)
country comparison to the world: 114
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
0.4% (2017 est.)
1.7% (2016 est.)
country comparison to the world: 23
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
8.17% (31 December 2011)
8.68% (31 December 2010)
country comparison to the world: 39
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
7.92% (31 December 2017 est.)
8.69% (31 December 2016 est.)
country comparison to the world: 111
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$9.578 billion (31 December 2017 est.)
$9.281 billion (31 December 2016 est.)
country comparison to the world: 83
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$9.578 billion (31 December 2017 est.)
$9.281 billion (31 December 2016 est.)
country comparison to the world: 85
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$39.3 billion (31 December 2017 est.)
$35.56 billion (31 December 2016 est.)
country comparison to the world: 71
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$6.838 billion (31 December 2017 est.)
$6.065 billion (31 December 2016 est.)
$6.615 billion (31 December 2015 est.)
country comparison to the world: 79
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$349 million (2017 est.)
$1.442 billion (2016 est.)
country comparison to the world: 109
[see also: Current account balance country ranks ]

Exports:
$19.62 billion (2017 est.)
$16.8 billion (2016 est.)
country comparison to the world: 72
[see also: Exports country ranks ]

Exports - partners:
US 31.5%, Vietnam 7.6%, Peru 6.7%, Chile 6.5%, Panama 4.9%, Russia 4.4%, China 4% (2017)

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

Imports:
$19.31 billion (2017 est.)
$15.86 billion (2016 est.)
country comparison to the world: 79
[see also: Imports country ranks ]

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

Imports - partners:
US 22.8%, China 15.4%, Colombia 8.7%, Panama 6.4%, Brazil 4.4%, Peru 4.2% (2017)

Reserves of foreign exchange and gold:
$2.395 billion (31 December 2017 est.)
$4.259 billion (31 December 2016 est.)
country comparison to the world: 116
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$39.29 billion (31 December 2017 est.)
$38.14 billion (31 December 2016 est.)
country comparison to the world: 77
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$17.25 billion (31 December 2017 est.)
$16.63 billion (31 December 2016 est.)
country comparison to the world: 85
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$6.33 billion (31 December 2012 est.)
country comparison to the world: 71
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:

the US dollar became Ecuador's currency in 2001


NOTE: 1) The information regarding Ecuador on this page is re-published from the 2019 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Ecuador Economy 2019 information contained here. All suggestions for corrections of any errors about Ecuador Economy 2019 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) They assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






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