Short facts about the economy in Ecuador
| Economy -
overview: |
Ecuador has substantial oil resources
and rich agricultural areas. Because the country exports primary products such
as oil, bananas, and shrimp, fluctuations in world market prices can have a
substantial domestic impact. Ecuador joined the World Trade Organization in
1996, but has failed to comply with many of its accession commitments. In recent
years, growth has been uneven due to ill-conceived fiscal stabilization
measures. The aftermath of El Nino and depressed oil market of 1997-98 drove
Ecuador's economy into a free-fall in 1999. The beginning of 1999 saw the
banking sector collapse, which helped precipitate an unprecedented default on
external loans later that year. Continued economic instability drove a 70%
depreciation of the currency throughout 1999, which eventually forced a
desperate government to "dollarize" the currency regime in 2000. The move
stabilized the currency, but did not stave off the ouster of the government. The
new president, Gustavo NOBOA has yet to complete negotiations for a long sought
IMF accord. He will find it difficult to push through the reforms necessary to
make "dollarization" work in the long run. |
| GDP: |
purchasing power parity - $37.2 billion
(2000 est.) |
| GDP - real
growth rate: |
0.8% (2000
est.) |
| GDP - per
capita: |
purchasing power parity - $2,900 (2000
est.) |
| GDP -
composition by sector: |
agriculture: 14%
industry: 36%
services: 50% (1999
est.) |
| Population
below poverty line: |
50% (1999
est.) |
| Household
income or consumption by percentage share: |
lowest 10%: 2.2%
highest 10%: 33.8%
(1995) |
| Inflation
rate (consumer prices): |
96% (2000
est.) |
| Labor force
- by occupation: |
agriculture 30%, industry 25%, services
45% (1999 est.) |
| Unemployment
rate: |
13%; note - widespread underemployment
(2000 est.) |
| Budget: |
revenues: planned $5.1 billion (not including revenue from potential
privatizations)
expenditures: $5.1 billion, including capital
expenditures of $NA (1999) |
| Industries: |
petroleum, food processing, textiles,
metal work, paper products, wood products, chemicals, plastics, fishing,
lumber |
| Industrial
production growth rate: |
2.4% (1997
est.) |
| Electricity
- production: |
10.065 billion kWh
(1999) |
| Electricity
- production by source: |
fossil fuel: 29.51%
hydro: 70.49%
nuclear:
0%
other: 0% (1999) |
| Electricity
- consumption: |
9.386 billion kWh
(1999) |
| Electricity
- exports: |
0 kWh
(1999) |
| Electricity
- imports: |
25 million kWh
(1999) |
| Agriculture
- products: |
bananas, coffee, cocoa, rice, potatoes,
manioc (tapioca), plantains, sugarcane; cattle, sheep, pigs, beef, pork, dairy
products; balsa wood; fish, shrimp |
| Exports: |
$5.6 billion (f.o.b., 2000
est.) |
| Exports -
commodities: |
petroleum, bananas, shrimp, coffee,
cocoa, cut flowers, fish |
| Exports -
partners: |
US 37%, Colombia 5%, Italy 5%, Chile
5%, Peru 4% (1999) |
| Imports: |
$3.4 billion (f.o.b., 2000
est.) |
| Imports -
commodities: |
machinery and equipment, raw materials,
fuels; consumer goods |
| Imports -
partners: |
US 30%, Colombia 13%, Venezuela 6%,
Japan 5%, Venezuela 6%, Mexico 3% (1998) |
| Debt -
external: |
$15 billion
(1999) |
| Economic aid
- recipient: |
$695.7 million
(1995) |
| Currency: |
US dollar
(USD) |
| Exchange
rates: |
sucres per US dollar - 25,000 (January
2001), 24,988.4 (2000), 11,786.8 (1999), 5,446.6 (1998), 3,988.3 (1997), 3,189.5
(1996)
note: on 7 January 2000, the government passed a decree
"dollarizing" the economy; on 13 March 2000, the National Congress approved a
new exchange system whereby the US dollar is adopted as the main legal tender in
Ecuador for all purposes; on 20 March 2000, the Central Bank of Ecuador started
to exchange sucres for US dollars at a fixed rate of 25,000 sucres per US
dollar; since 30 April 2000, all transactions are denominated in US
dollars |
| Fiscal
year: |
calendar year | Source: World Factbook |
