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. The economy grew an average of 4.3% per year from 2002 to 2006, 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 US - 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 from 5% to 45% on an estimated 32% of imports. In 2014, oil output increased slightly and production remained steady in 2015 however the oil price decrease from 2014 onward affected government revenue. Ecuador’s economy fell in to recession in 2015 and remained in recession in 2016. As a result, CORREA cut the budget twice in 2015, and reduced it further in 2016. Growth resumed in 2017.
GDP (purchasing power parity): GDP (official exchange rate): GDP - real growth rate: GDP - per capita (PPP): Gross national saving: GDP - composition, by end use: GDP - composition, by sector of origin: Agriculture - products: Industries: Industrial production growth rate: Labor force: Labor force - by occupation: Unemployment rate: Population below poverty line: Household income or consumption by percentage share: Distribution of family income - Gini index: Budget: Taxes and other revenues: Budget surplus (+) or deficit (-): Public debt: Fiscal year: Inflation rate (consumer prices): Central bank discount rate: Commercial bank prime lending rate: Stock of narrow money: Stock of broad money: Stock of domestic credit: Market value of publicly traded shares: Current account balance: Exports: Exports - commodities: Exports - partners: Imports: Imports - commodities: Imports - partners: Reserves of foreign exchange and gold: Debt - external: Stock of direct foreign investment - at home: Stock of direct foreign investment - abroad: Exchange rates:
$188.5 billion (2017 est.)
$188.1 billion (2016 est.)
$190.9 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 67
$98.58 billion (2016 est.)
[see also: GDP (official exchange rate) country ranks ]
0.2% (2017 est.)
-1.5% (2016 est.)
0.2% (2015 est.)
country comparison to the world: 199
[see also: GDP - real growth rate country ranks ]
$11,200 (2017 est.)
$11,400 (2016 est.)
$11,700 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 136
23.2% of GDP (2017 est.)
24.9% of GDP (2016 est.)
24.7% of GDP (2015 est.)
country comparison to the world: 63
[see also: Gross national saving country ranks ]
household consumption: 64.3%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 13.3%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 22.8%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 0.3%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 20.4%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -21.1% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]
agriculture: 6.5%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 33.8%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 59.7% (2017 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]
bananas, coffee, cocoa, rice, potatoes, cassava (manioc, tapioca), plantains, sugarcane; cattle, sheep, pigs, beef, pork, dairy products; fish, shrimp; balsa wood
petroleum, food processing, textiles, wood products, chemicals
-0.8%
note: excludes oil refining (2017 est.)
country comparison to the world: 190
[see also: Industrial production growth rate country ranks ]
8.011 million (2017 est.)
country comparison to the world: 61
[see also: Labor force country ranks ]
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 ]
5.1% (2017 est.)
5.2% (2016 est.)
country comparison to the world: 69
[see also: Unemployment rate country ranks ]
25.6% (December 2013 est)
[see also: Population below poverty line country ranks ]
lowest 10%: 1.4%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 35.4%
note: data for urban households only (2012 est.)
48.5 (December 2013)
50.5 (December 2010)
note: data are for urban households
country comparison to the world: 23
[see also: Distribution of family income - Gini index country ranks ]
revenues: $32.3 billion
[see also: Budget - revenues country ranks ]
expenditures: $37.7 billion (2017 est.)
[see also: Budget - expenditures country ranks ]
32.8% of GDP (2017 est.)
country comparison to the world: 68
[see also: Taxes and other revenues country ranks ]
-5.5% of GDP (2017 est.)
country comparison to the world: 169
[see also: Budget surplus (+) or deficit (-) country ranks ]
41% of GDP (2017 est.)
36.4% of GDP (2016 est.)
country comparison to the world: 133
[see also: Public debt country ranks ]
calendar year
0.7% (2017 est.)
1.7% (2016 est.)
country comparison to the world: 23
[see also: Inflation rate (consumer prices) country ranks ]
8.17% (31 December 2011)
8.68% (31 December 2010)
country comparison to the world: 40
[see also: Central bank discount rate country ranks ]
8% (31 December 2017 est.)
8.69% (31 December 2016 est.)
country comparison to the world: 110
[see also: Commercial bank prime lending rate country ranks ]
$10.17 billion (31 December 2017 est.)
$9.281 billion (31 December 2016 est.)
country comparison to the world: 85
[see also: Stock of narrow money country ranks ]
$33.31 billion (31 December 2017 est.)
$32.84 billion (31 December 2016 est.)
country comparison to the world: 77
[see also: Stock of broad money country ranks ]
$36.3 billion (31 December 2017 est.)
$35.56 billion (31 December 2016 est.)
country comparison to the world: 73
[see also: Stock of domestic credit country ranks ]
$5.911 billion (31 December 2012 est.)
$5.779 billion (31 December 2011 est.)
$5.263 billion (31 December 2010 est.)
country comparison to the world: 83
[see also: Market value of publicly traded shares country ranks ]
-$706 million (2017 est.)
$1.414 billion (2016 est.)
country comparison to the world: 112
[see also: Current account balance country ranks ]
$18.34 billion (2017 est.)
$17.43 billion (2016 est.)
country comparison to the world: 73
[see also: Exports country ranks ]
petroleum, bananas, cut flowers, shrimp, cacao, coffee, wood, fish
US 32.3%, Chile 6.8%, Vietnam 6.6%, Peru 5.6%, Colombia 4.8%, Russia 4.6% (2016)
$16.84 billion (2017 est.)
$15.86 billion (2016 est.)
country comparison to the world: 81
[see also: Imports country ranks ]
industrial materials, fuels and lubricants, nondurable consumer goods
US 23%, China 19%, Colombia 8%, Brazil 4.2% (2016)
$3.935 billion (31 December 2017 est.)
$4.178 billion (31 December 2016 est.)
country comparison to the world: 98
[see also: Reserves of foreign exchange and gold country ranks ]
$37.75 billion (31 December 2017 est.)
$32.32 billion (31 December 2016 est.)
country comparison to the world: 76
[see also: Debt - external country ranks ]
$17.33 billion (31 December 2017 est.)
$16.63 billion (31 December 2016 est.)
country comparison to the world: 82
[see also: Stock of direct foreign investment - at home country ranks ]
$6.33 billion (31 December 2012 est.)
country comparison to the world: 68
[see also: Stock of direct foreign investment - abroad country ranks ]
the US dollar became Ecuador's currency in 2001