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.
0.06% (2019 est.)
1.29% (2018 est.)
2.37% (2017 est.)
0.2% (2019 est.)
-0.2% (2018 est.)
0.4% (2017 est.)
Fitch rating: B- (2020)
Moody's rating: Caa3 (2020)
Standard & Poors rating: B- (2020)
$197.631 billion (2019 est.)
$197.525 billion (2018 est.)
$195.01 billion (2017 est.)
note: data are in 2010 dollars
$107.436 billion (2019 est.)
$11,375 (2019 est.)
$11,562 (2018 est.)
$11,618 (2017 est.)
note: data are in 2010 dollars
24.7% of GDP (2019 est.)
25.2% of GDP (2018 est.)
25.8% of GDP (2017 est.)
agriculture: 6.7% (2017 est.)
industry: 32.9% (2017 est.)
services: 60.4% (2017 est.)
household consumption: 60.7% (2017 est.)
government consumption: 14.4% (2017 est.)
investment in fixed capital: 24.3% (2017 est.)
investment in inventories: 1% (2017 est.)
exports of goods and services: 20.8% (2017 est.)
imports of goods and services: -21.3% (2017 est.)
Overall score: 57.7 (2020)
Starting a Business score: 69.1 (2020)
Trading score: 71.2 (2020)
Enforcement score: 57.5 (2020)
sugar cane, bananas, milk, oil palm fruit, maize, rice, plantains, poultry, cocoa, potatoes
petroleum, food processing, textiles, wood products, chemicals
-0.6% (2017 est.)
note: excludes oil refining
8.086 million (2017 est.)
agriculture: 26.1%
industry: 18.4%
services: 55.5% (2017 est.)
5.71% (2019 est.)
5.26% (2018 est.)
25% (2019 est.)
45.4 (2018 est.)
48.5 (December 2017)
note: data are for urban households only
lowest 10%: 1.4%
highest 10%: 35.4% (2012 est.)
note: data are for urban households only
revenues: 33.43 billion (2017 est.)
expenditures: 38.08 billion (2017 est.)
32% (of GDP) (2017 est.)
-4.5% (of GDP) (2017 est.)
45.4% of GDP (2017 est.)
43.2% of GDP (2016 est.)
calendar year
-$53 million (2019 est.)
-$1.328 billion (2018 est.)
$25.446 billion (2019 est.)
$24.183 billion (2018 est.)
$23.907 billion (2017 est.)
United States 30%, China 13%, Panama 8%, Chile 7% (2019)
crude petroleum, crustaceans, bananas, fish, refined petroleum (2019)
$26.096 billion (2019 est.)
$25.677 billion (2018 est.)
$24.594 billion (2017 est.)
United States 22%, China 18%, Colombia 9%, Panama 5% (2019)
refined petroleum, coal tar oil, cars, packaged medicines, soybean products (2019)
$2.395 billion (31 December 2017 est.)
$4.259 billion (31 December 2016 est.)
$50.667 billion (2019 est.)
$43.224 billion (2018 est.)
25,000 (2020 est.)
25,000 (2019 est.)
25,000 (2018 est.)
the US dollar became Ecuador's currency in 2001
NOTE: The information regarding Ecuador on this page is re-published from the 2021 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Ecuador 2021 information contained here. All suggestions for corrections of any errors about Ecuador 2021 should be addressed to the CIA or the source cited on each page.
This page was last modified 16 Dec 23, Copyright © 2023 ITA all rights reserved.