< Basic Info on Ecuador

Main Crops: bananas, coffee, cocoa, rice, potatoes, manioc (tapioca), plantains, sugarcane; cattle, sheep, pigs, beef, pork, dairy products; balsawood; fish, shrimp

Natural Resources: petroleum, fish, timber

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

 

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.

 

1990 2000 2010 2020
GNI, Atlas method (current US$) (billions) 14.03 19.66 65.93 97.61
GNI per capita, Atlas method (current US$) 1,370 1,550 4,390 5,530
GNI, PPP (current international $) (billions) 45.46 69.1 134.42 186.69
GNI per capita, PPP (current international $) 4,440 5,450 8,950 10,580
GDP (current US$) (billions) 15.24 18.33 69.56 98.81
GDP growth (annual %) 3.7 1.1 3.5 -7.8
Inflation, GDP deflator (annual %) 5.8 -7.7 7.5 -0.9
Agriculture, forestry, and fishing, value added (% of GDP) 21 15 10 10
Industry (including construction), value added (% of GDP) 30 34 35 32
Exports of goods and services (% of GDP) 23 32 28 23
Imports of goods and services (% of GDP) 22 27 32 21
Gross capital formation (% of GDP) 24 21 28 23
Revenue, excluding grants (% of GDP) .. .. .. ..
Net lending (+) / net borrowing (-) (% of GDP) .. .. .. ..
States and markets
Time required to start a business (days) .. 92 56 49
Domestic credit provided by financial sector (% of GDP) .. 17.1 23 50.5
Tax revenue (% of GDP) .. .. .. ..
Military expenditure (% of GDP) 1.9 1.5 3 2.4
Mobile cellular subscriptions (per 100 people) 0 3.8 98.5 87.8
Individuals using the Internet (% of population) 0 1.5 29 ..
High-technology exports (% of manufactured exports) .. .. 9 6
Statistical Capacity Score (Overall Average) (scale 0 - 100) .. .. 82 66
Global links
Merchandise trade (% of GDP) 30 47 55 39
Net barter terms of trade index (2000 = 100) 114 100 149 130
External debt stocks, total (DOD, current US$) (millions) 12,162 17,174 15,377 56,191
Total debt service (% of exports of goods, services and primary income) 33.2 51 8.9 41.6
Net migration (thousands) -19 -120 -38 182
Personal remittances, received (current US$) (millions) 51 1,322 2,599 3,344
Foreign direct investment, net inflows (BoP, current US$) (millions) 126 -23 166 974
Net official development assistance received (current US$) (millions) 144.7 155.2 168.5 525