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Ecuador Economy Profile 2013

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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, 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)$155.8 billion (2012 est.)
$148.4 billion (2011 est.)
$137.4 billion (2010 est.)
note: data are in 2012 US dollars
GDP (official exchange rate)$80.93 billion (2012 est.)
GDP - real growth rate5% (2012 est.)
8% (2011 est.)
3.3% (2010 est.)
GDP - per capita (PPP)$10,200 (2012 est.)
$9,900 (2011 est.)
$9,300 (2010 est.)
note: data are in 2012 US dollars
Gross national saving26.8% of GDP (2012 est.)
27.5% of GDP (2011 est.)
24.6% of GDP (2010 est.)
GDP - composition, by end usehousehold consumption: 61.3%
government consumption: 13.5%
investment in fixed capital: 26.5%
investment in inventories: 0.6%
exports of goods and services: 31%
imports of goods and services: -33%
(2012 est.)
GDP - composition by sectoragriculture: 5.9%
industry: 35.6%
services: 58.5% (2012 est.)
Population below poverty line27.3% (December 2012 est.)
Labor force6.779 million (December 2012 est.)
Labor force - by occupationagriculture: 27.6%
industry: 18.8%
services: 53.6% (2010)
Unemployment rate4.9% (2012 est.)
4.2% (December 2011 est.)
Unemployment, youth ages 15-24total: 14.1%
male: 11.7%
female: 18.1% (2009)
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 index47.7 (December 2012)
50.5 (2006)
note: data are for urban households
Investment (gross fixed)26.5% of GDP (2012 est.)
Budgetrevenues: $34.53 billion
expenditures: $35.48 billion (2012 est.)
Taxes and other revenues42.7% of GDP (2012 est.)
Budget surplus (+) or deficit (-)-1.2% of GDP (2012 est.)
Public debt20.9% of GDP (2012 est.)
17.6% of GDP (2011 est.)
Inflation rate (consumer prices)5.1% (2012 est.)
4.5% (2011 est.)
Central bank discount rate8.17% (31 December 2011)
8.68% (31 December 2010)
Commercial bank prime lending rate8.17% (31 December 2012 est.)
8.35% (31 December 2011 est.)
Stock of narrow money$7.754 billion (31 December 2012 est.)
$6.943 billion (31 December 2011 est.)
Stock of broad money$26.55 billion (31 December 2011 est.)
$22.18 billion (31 December 2010 est.)
Stock of domestic credit$22.4 billion (31 December 2012 est.)
$20.05 billion (31 December 2011 est.)
Market value of publicly traded shares$5.779 billion (31 December 2011)
$5.263 billion (31 December 2010)
$4.248 billion (31 December 2009)
Agriculture - productsbananas, coffee, cocoa, rice, potatoes, 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 rate5.8%
note: excludes oil refining (2012 est.)
Current Account Balance-$1.387 billion (2012 est.)
-$238.4 million (2011 est.)
Exports$24.65 billion (2012 est.)
$23.08 billion (2011 est.)
Exports - commoditiespetroleum, bananas, cut flowers, shrimp, cacao, coffee, wood, fish
Exports - partnersUS 44.6%, Chile 8.4%, Peru 8.4%, Colombia 4.4%, Venezuela 4.3% (2012)
Imports$24.58 billion (2012 est.)
$23.24 billion (2011 est.)
Imports - commoditiesindustrial materials, fuels and lubricants, nondurable consumer goods
Imports - partnersUS 28.9%, China 11.2%, Colombia 8.7%, Panama 6.6%, Peru 4.5% (2012)
Reserves of foreign exchange and gold$2.483 billion (31 December 2012 est.)
$2.958 billion (31 December 2011 est.)
Debt - external$17.71 billion (31 December 2012 est.)
$16.5 billion (31 December 2011 est.)
Stock of direct foreign investment - at home$17.29 billion (31 December 2012 est.)
$16.71 billion (31 December 2011 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 February 21, 2013