| Economy | Ecuador |
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Economy - overview:
|
Ecuador is substantially dependent on its petroleum resources, which have accounted for more than half of the country's export earnings and one-fourth of public sector revenues in recent years. In 1999/2000, Ecuador suffered a severe economic crisis, with GDP contracting by more than 6%. Poverty increased significantly, the banking system collapsed, and Ecuador defaulted on its external debt later that year. In March 2000, 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 5.5%, the highest five-year average in 25 years. The poverty rate declined but remained high at 38% in 2006. In 2006 the government imposed a windfall revenue tax on foreign oil companies, leading to the suspension of free trade negotiations with the US. These measures led to a drop in petroleum production in 2007. President Rafael CORREA raised the specter of debt default and followed through on those threats in December 2008 by defaulting on some commercial bond obligations. He also decreed a higher windfall revenue tax on private oil companies, then renegotiated their contracts to overcome the debilitating effect of the tax. This generated economic uncertainty; private investment dropped and the economy contracted in 2009. |
GDP (purchasing power parity):
|
$107.1 billion (2009 est.)
$109.3 billion (2008 est.)
$102.6 billion (2007 est.)
note: data are in 2009 US dollars |
GDP - per capita (PPP):
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$7,300 (2009 est.)
$7,600 (2008 est.)
$7,300 (2007 est.)
note: data are in 2009 US dollars |
GDP (official exchange rate):
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$55.61 billion (2009 est.) |
GDP - real growth rate:
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-2% (2009 est.)
6.5% (2008 est.)
2.5% (2007 est.) |
GDP - composition by sector:
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agriculture: 6.8%
industry: 35.7%
services: 57.6% (2009 est.) |
Investment (gross fixed):
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22.3% of GDP (2009 est.) |
Population below poverty line:
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38.3% (2006) |
Household income or consumption by percentage share:
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lowest 10%: 1.2%
highest 10%: 43.3%
note: data for urban households only (2007) |
Distribution of family income - Gini index:
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46 (2006)
43.7 (1995)
note: data are for urban households |
Inflation rate (consumer prices):
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5.4% (2009 est.)
8.3% (2008 est.) |
Central bank discount rate:
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9.14% (31 December 2008)
10.72% (31 December 2007) |
Commercial bank prime lending rate:
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9.71% (31 December 2008) |
Stock of money:
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$5.907 billion (31 December 2008)
$4.395 billion (31 December 2007) |
Stock of money - per capita:
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406 USD per capita |
Stock of quasi money:
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$9.383 billion (31 December 2008)
$7.974 billion (31 December 2007) |
Stock of quasi money - per capita:
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644 USD per capita |
Stock of domestic credit:
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$10.13 billion (31 December 2008)
$8.926 billion (31 December 2007) |
Stock of domestic credit - per capita:
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696 USD per capita |
Labor force:
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4.77 million (urban) (2009 est.) |
Labor force participation rate:
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32.73 % 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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9.8% (2009 est.)
7.3% (2008 est.) |
Budget:
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revenues: $15.68 billion
expenditures: planned $17.9 billion (2009 est.) |
Budget revenues per capita:
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1,076 USD per capita |
Public debt:
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32.3% of GDP (2009 est.)
25.1% of GDP (2008 est.) |
Industries:
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petroleum, food processing, textiles, wood products, chemicals |
Industrial production growth rate:
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-2% (2009 est.) |
Electricity - production:
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16.75 billion kWh (2007 est.) |
Electricity - production per capita:
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1,150 kWh per capita |
Electricity - consumption:
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9.888 billion kWh (2007 est.) |
Electricity - consumption - per capita:
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679 kWh per capita |
Electricity - exports:
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38.53 million kWh (2007 est.) |
Electricity - imports:
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861 million kWh (2007 est.) |
Oil - production:
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505,100 bbl/day (2008 est.) |
Oil - production per capita:
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34,660 bbl/day per capita |
Oil - consumption:
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178,000 bbl/day (2008 est.) |
Oil - consumption - per capita:
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4.46 bbl/year per capita |
Oil - exports:
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417,000 bbl/day (2007 est.) |
Oil - imports:
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54,190 bbl/day (2007 est.) |
Oil - proved reserves:
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4.66 billion bbl (1 January 2009 est.) |
Natural gas - production:
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260 million cu m (2008 est.) |
Natural gas - production per capita:
|
18 cu m per capita |
Natural gas - consumption:
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260 million cu m (2008 est.) |
Natural gas - consumption - per capita:
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18 cu m per capita |
Natural gas - exports:
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0 cu m (2008 est.) |
Natural gas - imports:
|
0 cu m (2008 est.) |
Natural gas - proved reserves:
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8.919 billion cu m (1 January 2009 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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$-1.031 billion (2009 est.)
$1.194 billion (2008 est.) |
Current account balance - per capita:
|
-70 USD per capita |
Exports:
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$13.63 billion (2009 est.)
$19.15 billion (2008 est.) |
Exports per capita:
|
936 USD per capita |
Exports - commodities:
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petroleum, bananas, cut flowers, shrimp, cacao, coffee, hemp, wood, fish |
Exports - partners:
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US 45.3%, Peru 9.2%, Chile 8.1%, Panama 4.8%, Colombia 4.2% (2008) |
Imports:
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$14.23 billion (2009 est.)
$17.79 billion (2008 est.) |
Imports per capita:
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977 USD per capita |
Imports - commodities:
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industrial materials, fuels and lubricants, nondurable consumer goods |
Imports - partners:
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US 19.1%, Venezuela 13.8%, Colombia 9.9%, China 8.4%, Brazil 4.8%, Japan 4.1% (2008) |
Reserves of foreign exchange and gold:
|
$3.511 billion (31 December 2009 est.)
$4.473 billion (31 December 2008 est.) |
Reserves of foreign exchange and gold - per capita:
|
241 USD per capita |
Debt - external:
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$13.31 billion (31 December 2009 est.)
$18.11 billion (31 December 2008 est.) |
Debt - external - per capita:
|
914 USD per capita |
Stock of direct foreign investment - at home:
|
$17.14 billion (31 December 2009 est.)
$16.99 billion (31 December 2008 est.) |
Stock of direct foreign investment - at home - per capita:
|
1,177 USD per capita |
Stock of direct foreign investment - abroad:
|
$NA (31 December 2009 est.)
$8.487 billion (31 December 2008 est.) |
Stock of direct foreign investment - abroad - per capita:
|
void |
Market value of publicly traded shares:
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$4.562 billion (31 December 2008)
$4.266 billion (31 December 2007)
$4.04 billion (31 December 2006) |
Market value of publicly traded shares - per capita:
|
314 USD per capita |
Economic aid - donor:
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void |
Economic aid - recipient:
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$209.5 million |
Economic aid - recipient per capita:
|
15 USD per capita |
Currency (code):
|
US dollar (USD) |
Exchange rates:
|
1 (2009), (2008) |
Fiscal year:
|
calendar year |
|
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