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Ecuador Economy 2014
http://www.theodora.com/wfbcurrent/ecuador/ecuador_economy.html
SOURCE: 2014 CIA WORLD FACTBOOK AND OTHER SOURCES


















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Page last updated on January 31, 2014

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 two-fifths 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, 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. The Ecuadorian economy slowed to 1% growth in 2009 due to the global financial crisis and to the sharp decline in world oil prices and remittance flows. Growth picked up to a 3.3% rate in 2010 and nearly 8% in 2011, before falling to 5% in 2012. 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 billion in oil for cash and project loans as of December 2012.

GDP (purchasing power parity):
$149.5 billion (2012 est.)
country comparison to the world: 62

$142.2 billion (2011 est.)
$131.9 billion (2010 est.)
note: data are in 2012 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$82.9 billion (2012 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
5.1% (2012 est.)
country comparison to the world: 67

7.8% (2011 est.)
3% (2010 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$10,200 (2012 est.)
country comparison to the world: 117

$9,900 (2011 est.)
$9,300 (2010 est.)
note: data are in 2012 US dollars
[see also: GDP - per capita country ranks ]

Gross national saving:
27.3% of GDP (2012 est.)
country comparison to the world: 36

27% of GDP (2011 est.)
25% of GDP (2010 est.)
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 61.1%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 13.5%
investment in fixed capital: 26.6%
investment in inventories: 0.9%
exports of goods and services: 31.2%
imports of goods and services: -33.2%

(2012 est.)

GDP - composition, by sector of origin:
agriculture: 5.9%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 35.2%
services: 58.8% (2012 est.)

Agriculture - products:
bananas, coffee, cocoa, rice, potatoes, 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:
5.6%
country comparison to the world: 48
note: excludes oil refining (2012 est.)
[see also: Industrial production growth rate country ranks ]

Labor force:
4.769 million (2012 est.)
country comparison to the world: 81
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 27.6%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 18.8%
services: 53.6% (2010 est.)

Unemployment rate:
4.9% (2012 est.)
country comparison to the world: 43

6% (2011 est.)
[see also: Unemployment rate country ranks ]

Population below poverty line:
27.3% (December 2012 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%: 38.3%
note: data for urban households only (2010 est.)

Distribution of family income - Gini index:
47.7 (December 2012)
country comparison to the world: 27

50.5 (2006)
note: data are for urban households
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $34.53 billion
[see also: Budget revenues country ranks ]
expenditures: $35.48 billion (2012 est.)

Taxes and other revenues:
41.7% of GDP (2012 est.)
country comparison to the world: 36
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-1.1% of GDP (2012 est.)
country comparison to the world: 65
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
21% of GDP (2012 est.)
country comparison to the world: 129

17.8% of GDP (2011 est.)
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
5.1% (2012 est.)
country comparison to the world: 146

4.5% (2011 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
8.17% (31 December 2011)
country comparison to the world: 30

8.68% (31 December 2010)
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
8.17% (31 December 2012 est.)
country comparison to the world: 112

8.35% (31 December 2011 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$7.801 billion (31 December 2012 est.)
country comparison to the world: 86

$6.943 billion (31 December 2011 est.)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$26.55 billion (31 December 2011 est.)
country comparison to the world: 78

$22.18 billion (31 December 2010 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$22.5 billion (31 December 2012 est.)
country comparison to the world: 74

$20.05 billion (31 December 2011 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$5.779 billion (31 December 2011)
country comparison to the world: 83

$5.263 billion (31 December 2010)
$4.248 billion (31 December 2009)
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$-177 million (2012 est.)
country comparison to the world: 78

$-225 million (2011 est.)
[see also: Current account balance country ranks ]

Exports:
$24.65 billion (2012 est.)
country comparison to the world: 72

$23.08 billion (2011 est.)
[see also: Exports country ranks ]

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

Exports - partners:
US 37.3%, Chile 8.1%, Peru 6.5%, Japan 4.5%, Russia 4.5%, Colombia 4% (2012)

Imports:
$24.58 billion (2012 est.)
country comparison to the world: 70

$23.24 billion (2011 est.)
[see also: Imports country ranks ]

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

Imports - partners:
US 28.4%, China 11.3%, Colombia 8.8%, Peru 4.5% (2012)

Reserves of foreign exchange and gold:
$2.483 billion (31 December 2012 est.)
country comparison to the world: 117

$2.958 billion (31 December 2011 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$17.68 billion (31 December 2012 est.)
country comparison to the world: 81

$16.5 billion (31 December 2011 est.)
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$17.3 billion (31 December 2012 est.)
country comparison to the world: 73

$16.71 billion (31 December 2011 est.)
[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: 62

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

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


NOTE: The information regarding Ecuador on this page is re-published from the 2014 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Ecuador Economy 2014 information contained here. All suggestions for corrections of any errors about Ecuador Economy 2014 should be addressed to the CIA.



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