| Economy | Ecuador |
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Economy - overview:
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Ecuador is substantially dependent on its petroleum resources, which have accounted for more than half of the country's export earnings and approximately one-third of public sector revenues in recent years. In 1999/2000, Ecuador suffered a severe economic crisis, with GDP contracting by 5.3%. Poverty increased significantly, the banking system collapsed, and Ecuador defaulted on its external debt. 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 5.2% per year, the highest five-year average in 25 years. After moderate growth in 2007, the economy reached a growth rate of 7.2% in 2008, in large part due to 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 80% of Ecuador's private external debt. In May 2009, Ecuador bought back 91% of its "defaulted" bonds via an international auction. Economic policies under the CORREA administration - including 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 0.4% 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 3.6% rate in 2010 and 5.8% in 2011. The government in 2011 signed a $2 billion loan with the state-owned China Development Bank and announced plans to obtain further Chinese loans. China has become Ecuador's largest foreign lender since Quito defaulted in 2008, allowing the government to maintain a high rate of social spending. |
GDP (purchasing power parity):
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$124.8 billion (2011 est.)
$118.1 billion (2010 est.)
$114 billion (2009 est.)
note: data are in 2011 US dollars |
GDP - per capita (PPP):
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$8,300 (2011 est.)
$8,000 (2010 est.)
$7,800 (2009 est.)
note: data are in 2011 US dollars |
GDP (official exchange rate):
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$65.3 billion (2011 est.) |
GDP - real growth rate:
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5.8% (2011 est.)
3.6% (2010 est.)
0.4% (2009 est.) |
GDP - composition by sector:
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agriculture: 6.5%
industry: 34.6%
services: 58.9% (2011 est.) |
Investment (gross fixed):
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25% of GDP (2011 est.) |
Population below poverty line:
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33.1% (June 2010) |
Household income or consumption by percentage share:
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lowest 10%: 1%
highest 10%: 35.3%
note: data for urban households only (June 2010) |
Distribution of family income - Gini index:
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46.9 (June 2010)
50.5 (2006)
note: data are for urban households |
Inflation rate (consumer prices):
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4.7% (2011 est.)
3.6% (2010 est.) |
Central bank discount rate:
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8.68% (31 December 2010)
9.19% (31 December 2009) |
Commercial bank prime lending rate:
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8.6% (31 December 2011 est.)
9% (31 December 2010 est.) |
Stock of money:
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$9.215 billion (31 December 2009)
$5.907 billion (31 December 2008) |
Stock of money - per capita:
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615 USD per capita |
Stock of quasi money:
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$9.79 billion (31 December 2009)
$9.383 billion (31 December 2008) |
Stock of quasi money - per capita:
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653 USD per capita |
Stock of domestic credit:
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$21.2 billion (31 December 2011 est.)
$16.62 billion (31 December 2010 est.) |
Stock of domestic credit - per capita:
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1,413 USD per capita |
Stock of narrow money:
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$7.679 billion (31 December 2011 est.)
$6.421 billion (31 December 2010 est.) |
Stock of broad money:
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$23.63 billion (31 December 2011 est.)
$21.22 billion (31 December 2010 est.) |
Labor force:
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4.673 million (urban) (2011 est.) |
Labor force participation rate:
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31.14 % of population |
Labor force - by occupation:
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agriculture: 8.3%
industry: 21.2%
services: 70.4% (2005) |
Unemployment rate:
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7.5% (2011 est.)
7.6% (2010 est.) |
Unemployment, youth ages 15-24:
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total: 14.1%
male: 11.7%
female: 18.1% (2009) |
Budget:
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revenues: $18.6 billion
expenditures: $22.3 billion (2011 est.) |
Budget revenues per capita:
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1,240 USD per capita |
Taxes and other revenues:
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28.5% of GDP (2011 est.) |
Budget surplus (+) or deficit (-):
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-5.7% of GDP (2011 est.) |
Public debt:
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25.5% of GDP (2011 est.)
19.9% of GDP (2009 est.) |
Industries:
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petroleum, food processing, textiles, wood products, chemicals |
Industrial production growth rate:
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1.9% (2011 est.) |
Electricity - production:
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18.06 billion kWh (2008 est.) |
Electricity - production per capita:
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1,204 kWh per capita |
Electricity - consumption:
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14.75 billion kWh (2008 est.) |
Electricity - consumption - per capita:
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983 kWh per capita |
Electricity - exports:
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21 million kWh (2008 est.) |
Electricity - imports:
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1.099 billion kWh (2008 est.) |
Oil - production:
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495,100 bbl/day (2010 est.) |
Oil - production per capita:
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32,991 bbl/day per capita |
Oil - consumption:
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201,000 bbl/day (2010 est.) |
Oil - consumption - per capita:
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4.89 bbl/year per capita |
Oil - exports:
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364,500 bbl/day (2009 est.) |
Oil - imports:
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80,430 bbl/day (2009 est.) |
Oil - proved reserves:
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6.51 billion bbl (1 January 2011 est.) |
Natural gas - production:
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296 million cu m (2009 est.) |
Natural gas - production per capita:
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20 cu m per capita |
Natural gas - consumption:
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296 million cu m (2009 est.) |
Natural gas - consumption - per capita:
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20 cu m per capita |
Natural gas - exports:
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0 cu m (2009 est.) |
Natural gas - imports:
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0 cu m (2009 est.) |
Natural gas - proved reserves:
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7.985 billion cu m (1 January 2011 est.) |
Agriculture - products:
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bananas, coffee, cocoa, rice, potatoes, manioc (tapioca), plantains, sugarcane; cattle, sheep, pigs, beef, pork, dairy products; balsa wood; fish, shrimp |
Current account balance:
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-$1.135 billion (2011 est.)
-$1.917 billion (2010 est.) |
Current account balance - per capita:
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-75 USD per capita |
Exports:
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$23.54 billion (2011 est.)
$17.44 billion (2010 est.) |
Exports per capita:
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1,569 USD per capita |
Exports - commodities:
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petroleum, bananas, cut flowers, shrimp, cacao, coffee, wood, fish |
Exports - partners:
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US 34.8%, Panama 13%, Peru 7.7%, Colombia 4.5%, Russia 4.2%, Chile 4.2% (2010) |
Imports:
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$23.58 billion (2011 est.)
$19.3 billion (2010 est.) |
Imports per capita:
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1,572 USD per capita |
Imports - commodities:
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industrial materials, fuels and lubricants, nondurable consumer goods |
Imports - partners:
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US 27.9%, Colombia 10.1%, China 7.5%, Venezuela 2.6%, Brazil 4.2% (2010) |
Reserves of foreign exchange and gold:
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$3.819 billion (31 December 2011 est.)
$2.622 billion (31 December 2010 est.) |
Reserves of foreign exchange and gold - per capita:
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255 USD per capita |
Debt - external:
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$19.62 billion (31 December 2011 est.)
$14.73 billion (31 December 2010 est.) |
Debt - external - per capita:
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1,308 USD per capita |
Stock of direct foreign investment - at home:
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$12.51 billion (31 December 2011 est.)
$12.11 billion (31 December 2010 est.) |
Stock of direct foreign investment - at home - per capita:
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834 USD per capita |
Stock of direct foreign investment - abroad:
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$6.848 billion (31 December 2011 est.)
$6.883 billion (31 December 2010 est.) |
Stock of direct foreign investment - abroad - per capita:
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457 USD per capita |
Market value of publicly traded shares:
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$5.263 billion (31 December 2010)
$4.248 billion (31 December 2009)
$4.562 billion (31 December 2008) |
Market value of publicly traded shares - per capita:
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351 USD per capita |
Currency (code):
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US dollar (USD) |
Exchange rates:
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the US dollar became Ecuador's currency in 2001 |
Fiscal year:
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calendar year |
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