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.

Demographic Data

Economic Data

Cultural & Other Data

GDP (PPP, $bn)

107.1

Capital

Quito

Area (sq. km.)

283,560

GDP Real

Growth (%)

5.9

Other Large Cities

Guayaquil

Population (million)

14.57

PerCap GDP ($)

7,500

Primary Language

Spanish

Population

Growth %

1.497

Prime Lending

Rate (%)

12.5

Urban

Population %

66

% Population

Under 15yrs

31.1

Inflation Rate%

8.6

Urban Growth %

2.1

Population below

poverty line (%)

38.3

Unemployment%

8.7

Literacy

(% of population)

91

Agricultural Workers

(% of population)

9

Foreign Direct

Investment($bn)

16.81

Education spending

as % of GDP

1

Industrial Workers

(% of population)

21

Debt-External

($bn)

16.96

CPI Score (1-10)*

2.0

Service Workers

(% of population)

70

Exports ($bn)

19.4

Corporate Income Tax %

25

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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