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Ecuador Economy Profile 2014

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Economy - overviewEcuador 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 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 United States - have 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. Foreign investment levels in Ecuador continue to be 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. In 2013, oil output marginally reversed a declining trend and production is expected to increase slightly in 2014, although prices will likely remain lower than in previous years. 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.
GDP (purchasing power parity)$157.6 billion (2013 est.)
$151.5 billion (2012 est.)
$144.2 billion (2011 est.)
note: data are in 2013 US dollars
GDP (official exchange rate)$91.41 billion (2013 est.)
GDP - real growth rate4% (2013 est.)
5.1% (2012 est.)
7.8% (2011 est.)
GDP - per capita (PPP)$10,600 (2013 est.)
$9,600 (2012 est.)
$9,200 (2011 est.)
note: data are in 2013 US dollars
Gross national saving26% of GDP (2013 est.)
21.3% of GDP (2012 est.)
19.7% of GDP (2011 est.)
GDP - composition, by end usehousehold consumption: 62.4%
government consumption: 13.4%
investment in fixed capital: 26.6%
investment in inventories: 0.3%
exports of goods and services: 29.4%
imports of goods and services: -32.1%
(2013 est.)
GDP - composition by sectoragriculture: 5.9%
industry: 35.1%
services: 59% (2013 est.)
Population below poverty line25.6% (December 2013 est)
Labor force6.953 million (2013 est.)
Labor force - by occupationagriculture: 27.8%
industry: 17.8%
services: 54.4% (2012)
Unemployment rate4.2% (2013 est.)
4.2% (2011 est.)
Unemployment, youth ages 15-24total: 11.1%
male: 9%
female: 15% (2011)
Household income or consumption by percentage sharelowest 10%: 1.4%
highest 10%: 38.3%
note: data for urban households only (2010 est.)
Distribution of family income - Gini index48.5 (December 2013)
50.5 (December 2010)
note: data are for urban households
Budgetrevenues: $37 billion
expenditures: $39.3 billion (2013 est.)
Taxes and other revenues40.5% of GDP (2013 est.)
Budget surplus (+) or deficit (-)-2.5% of GDP (2013 est.)
Public debt23.2% of GDP (2013 est.)
21% of GDP (2012 est.)
Inflation rate (consumer prices)2.6% (2013 est.)
4.5% (2011 est.)
Central bank discount rate8.17% (31 December 2011)
8.68% (31 December 2010)
Commercial bank prime lending rate8.7% (31 December 2013 est.)
8.17% (31 December 2012 est.)
Stock of narrow money$8.59 billion (31 December 2013 est.)
$7.801 billion (31 December 2012 est.)
Stock of broad money$27.75 billion (31 December 2013 est.)
$24.68 billion (31 December 2012 est.)
Stock of domestic credit$25.4 billion (31 December 2013 est.)
$22.5 billion (31 December 2012 est.)
Market value of publicly traded shares$5.911 billion (31 December 2012 est.)
$5.779 billion (31 December 2011)
$5.263 billion (31 December 2010 est.)
Agriculture - productsbananas, coffee, cocoa, rice, potatoes, cassava (manioc, tapioca), plantains, sugarcane; cattle, sheep, pigs, beef, pork, dairy products; fish, shrimp; balsa wood
Industriespetroleum, food processing, textiles, wood products, chemicals
Industrial production growth rate3.1%
note: excludes oil refining (2013 est.)
Current Account Balance-$827.1 million (2013 est.)
-$177 million (2012 est.)
Exports$25.48 billion (2013 est.)
$24.65 billion (2012 est.)
Exports - commoditiespetroleum, bananas, cut flowers, shrimp, cacao, coffee, wood, fish
Exports - partnersUS 37.3%, Chile 8.1%, Peru 6.5%, Japan 4.5%, Russia 4.5%, Colombia 4% (2012)
Imports$26.22 billion (2013 est.)
$24.58 billion (2012 est.)
Imports - commoditiesindustrial materials, fuels and lubricants, nondurable consumer goods
Imports - partnersUS 28.4%, China 11.3%, Colombia 8.8%, Peru 4.5% (2012)
Reserves of foreign exchange and gold$2.625 billion (.)
$2.483 billion (31 December 2012 est.)
Debt - external$19.91 billion (31 December 2013 est.)
$17.68 billion (31 December 2012 est.)
Stock of direct foreign investment - at home$17.89 billion (31 December 2013 est.)
$17.3 billion (31 December 2012 est.)
Stock of direct foreign investment - abroad$6.33 billion (31 December 2012 est.)
$6.33 billion (31 December 2011 est.)
Exchange ratesthe US dollar became Ecuador's currency in 2001
Fiscal yearcalendar year

Source: CIA World Factbook
Unless otherwise noted, information in this page is accurate as of August 23, 2014