Ecuador
Ecuador’s natural resources include petroleum, fish, shrimp, timber and gold. In addition, it has rich agriculture: bananas, flowers, coffee, cacao, sugar, tropical fruits, palm oil, palm hearts, rice, roses, and corn. The country?s greatest national export is crude oil. Fluctuations in world market prices can have a substantial domestic impact. Industry is largely oriented to servicing the domestic market, with some exports to the Andean Common market. Deteriorating economic performance in 1997-98 culminated in a severe economic and financial crisis in 1999. The crisis was precipitated by a number of external shocks, including the El Ni?o weather phenomenon in 1997, a sharp drop in global oil prices in 1997-98, and international emerging market instability in 1997-98. These factors highlighted the Government of Ecuador’s unsustainable economic policy mix of large fiscal deficits and expansionary money policy and resulted in a 7.3% contraction of GDP, annual year-on-year inflation of 52.2%, and a 65% devaluation of the national currency, the sucre, in 1999, which helped precipitate a default on external loans later that year.
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Demographic Data |
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Economic Data |
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Cultural & Other Data |
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GDP (PPP, $bn) |
107.1 |
Capital |
Quito |
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Area (sq. km.) |
283,560 |
GDP Real Growth (%) |
5.9 |
Other Large Cities |
Guayaquil |
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Population (million) |
14.57 |
PerCap GDP ($) |
7,500 |
Primary Language |
Spanish |
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Population Growth % |
1.497 |
Prime Lending Rate (%) |
12.5 |
Urban Population % |
66 |
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% Population Under 15yrs |
31.1 |
Inflation Rate% |
8.6 |
Urban Growth % |
2.1 |
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Population below poverty line (%) |
38.3 |
Unemployment% |
8.7 |
Literacy (% of population) |
91 |
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Agricultural Workers (% of population) |
9 |
Foreign Direct Investment($bn) |
16.81 |
Education spending as % of GDP |
1 |
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Industrial Workers (% of population) |
21 |
Debt-External ($bn) |
16.96 |
CPI Score (1-10)* |
2.0 |
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Service Workers (% of population) |
70 |
Exports ($bn) |
19.4 |
Corporate Income Tax % |
25 |
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Labor Force (mil) |
4.64 |
Imports ($bn) |
16.6 |
Ease of Doing Business Ranking ** |
136 |
CURRENCY EXCHANGE RATE
05/13/09 $1 = 1 USD
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