Economy - overview:
Ecuador is substantially dependent on its petroleum resources, which have accounted for more than half of the country's export earnings and approximately 25% of public sector revenues in recent years.In 1999/2000, Ecuador's economy suffered from a banking crisis, with GDP contracting by 5.3% and poverty increasing significantly. 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 an average of 4.3% per year, the highest five-year average in 25 years. After moderate growth in 2007, the economy reached a growth rate of 6.4% in 2008, buoyed by high global petroleum prices and increased public sector investment. President Rafael CORREA Delgado, who took office in January 2007, defaulted in December 2008 on Ecuador's sovereign debt, which, with a total face value of approximately US$3.2 billion, represented about 30% of Ecuador's public external debt. In May 2009, Ecuador bought back 91% of its "defaulted" bonds via an international reverse auction.Economic policies under the CORREA administration - for example, an announcement in late 2009 of its intention to terminate 13 bilateral investment treaties, including one with the United States - have generated economic uncertainty and discouraged private investment. China has become Ecuador's largest foreign lender since Quito defaulted in 2008, allowing the government to maintain a high rate of social spending; Ecuador contracted with the Chinese government for more than $9.9 billion in forward oil sales, project financing, and budget support loans as of December 2013.The level of foreign investment in Ecuador continues to be one of the lowest in the region as a result of an unstable regulatory environment, weak rule of law, and the crowding-out effect of public investments. Faced with a 2013 trade deficit of $1.1 billion, Ecuador erected technical barriers to trade in December 2013, causing tensions with its largest trading partners. Ecuador also decriminalized intellectual property rights violations in February 2014. In March, 2015 Ecuador imposed tariff surcharges for 15 months from 5%-45% on an estimated 32% of imports. In 2014, oil output increased slightly and production remained steady in 2015. In 2015, however, lower oil prices forced CORREA to cut the budget twice, and the government has considered further budget and subsidy cuts for 2016.

GDP (purchasing power parity):
$181.8 billion (2015 est.) $182.9 billion (2014 est.) $176.2 billion (2013 est.)
note: data are in 2015 US dollars
country comparison to the world: 66
[see also: GDP country ranks ]

GDP (official exchange rate):
$98.93 billion (2015 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
-0.6% (2015 est.) 3.8% (2014 est.) 4.6% (2013 est.)
country comparison to the world: 203
[see also: GDP - real growth rate country ranks ]

GDP - per capita (PPP):
$11,300 (2015 est.) $11,400 (2014 est.) $11,000 (2013 est.)
note: data are in 2015 US dollars
country comparison to the world: 130
[see also: GDP - per capita country ranks ]

Gross national saving:
22.1% of GDP (2015 est.) 27.5% of GDP (2014 est.) 27.7% of GDP (2013 est.)
country comparison to the world: 67
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 60.5%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 13.9%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 26.7%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 0.5%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 23.9%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -25.5% (2015 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 6.1%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 34.2%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 59.7% (2015 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:
-1%
note: excludes oil refining (2015 est.)
country comparison to the world: 170
[see also: Industrial production growth rate country ranks ]

Labor force:
7.336 million (2015 est.)
country comparison to the world: 64
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 27.8%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 17.8%
[see also: Labor force - by occupation - industry country ranks ]
services: 54.4% (2012 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
4.8% (2015 est.) 4.3% (2014 est.)
country comparison to the world: 50
[see also: Unemployment rate country ranks ]

Population below poverty line:
25.6% (December 2013 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%
[see also: Household income or consumption by percentage share - highest 10% country ranks ]
note: data for urban households only (2012 est.)

Distribution of family income - Gini index:
48.5 (December 2013) 50.5 (December 2010)
note: data are for urban households
country comparison to the world: 24
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $35.1 billion
[see also: Budget revenues country ranks ]
expenditures: $39.8 billion (2015 est.)
[see also: Budget expenditures country ranks ]

Taxes and other revenues:
35.5% of GDP (2015 est.)
country comparison to the world: 58
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-4.8% of GDP (2015 est.)
country comparison to the world: 169
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
32.4% of GDP (2015 est.) 27.7% of GDP (2014 est.)
country comparison to the world: 135
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
4% (2015 est.) 3.6% (2014 est.)
country comparison to the world: 156
[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: 37
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
8.8% (31 December 2015 est.) 8.12% (31 December 2014 est.)
country comparison to the world: 98
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$9.748 billion (31 December 2015 est.) $9.531 billion (31 December 2014 est.)
country comparison to the world: 79
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$34.53 billion (31 December 2014 est.) $28.44 billion (31 December 2013 est.)
country comparison to the world: 76
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$34.2 billion (31 December 2015 est.) $31.97 billion (31 December 2014 est.)
country comparison to the world: 72
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$5.911 billion (31 December 2012 est.) $5.779 billion (31 December 2011) $5.263 billion (31 December 2010 est.)
country comparison to the world: 85
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$2.529 billion (2015 est.) -$601 million (2014 est.)
country comparison to the world: 152
[see also: Current account balance country ranks ]

Exports:
$18.36 billion (2015 est.) $26.6 billion (2014 est.)
country comparison to the world: 73
[see also: Exports country ranks ]

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

Exports - partners:
US 43.9%, Chile 8.9%, Peru 6.1%, Panama 5.5% (2014)

Imports:
$20.93 billion (2015 est.) $26.67 billion (2014 est.)
country comparison to the world: 72
[see also: Imports country ranks ]

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

Imports - partners:
US 31.9%, China 13%, Colombia 8%, Panama 5.1% (2014)

Reserves of foreign exchange and gold:
$3.128 billion (31 December 2015 est.) $3.949 billion (31 December 2014 est.)
country comparison to the world: 105
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$25.03 billion (31 December 2014 est.) $20.28 billion (31 December 2013 est.)
country comparison to the world: 79
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$14.91 billion (31 December 2015 est.) $14.41 billion (31 December 2014 est.)
country comparison to the world: 87
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$6.33 billion (31 December 2012 est.) $6.33 billion (31 December 2011 est.)
country comparison to the world: 67
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
the US dollar became Ecuador's currency in 2001