Economy of Ecuador
From Wikipedia, the free encyclopedia
The economy of Ecuador is the eighth largest in Latin America and the 69th largest in the world by total GDP.[18] Ecuador's economy is based on the export of oil, bananas, shrimp, gold, other primary agricultural products and money transfers from Ecuadorian emigrants employed abroad.[19] In 2017, remittances constituted 2.7% of Ecuador's GDP.[20] The total trade amounted to 42% of the Ecuador's GDP in 2017.[21]
Currency | United States dollar (USD) |
---|---|
calendar year | |
Trade organizations | Andean Community, WTO, PROSUR, ALADI, Mercosur (associate) |
Country group |
|
Statistics | |
Population | 18,342,507 (2022)[3] |
GDP | |
GDP rank | 63rd (PPP, 2012 est.) |
GDP growth |
|
GDP per capita | |
GDP by sector |
|
−0.2% (2018)[4] | |
Population below poverty line | |
45.4 medium (2018)[9] | |
Labor force | |
Labor force by occupation |
|
Unemployment | 3.5% (2018)[14] |
Main industries | petroleum, food processing, textiles, wood products, chemicals |
External | |
Exports | $19.3 billion (2017)[15] |
Export goods | petroleum, bananas, cut flowers, shrimp, cacao, coffee, wood, fish |
Main export partners | |
Imports | $19.3 billion (2017)[15] |
Import goods | industrial materials, fuels and lubricants, nondurable consumer goods |
Main import partners | |
FDI stock | $17.25 billion (December 31, 2017 est.) |
Gross external debt | $39.29 billion (December 31, 2017 est.) |
Public finances | |
44.6% of GDP (December 31, 2017)[16] | |
Revenues | 33.43 billion (2017 est.)[6] |
Expenses | 38.08 billion (2017 est.)[6] |
Economic aid | $209.5 million (2005) |
$8.169 billion (2022)[17] | |
The country is substantially dependent on its petroleum resources. In 2017, oil accounted for about one-third of public-sector revenue and 32% of export earnings.[22][23] When Ecuador was part of OPEC, it was one of the smallest members[24] and produced about 531,300 barrels per day of petroleum in 2017.[22][25] It is the world's largest exporter of bananas ($3.38 billion in 2017) and a major exporter of shrimp ($3.06 billion in 2017).[18] Exports of non-traditional products such as cut flowers ($846 million in 2017) and canned fish ($1.18 billion in 2017) have grown in recent years.[18]
In the past, Ecuador's economy depended largely on primary industries like agriculture, petroleum, and aquaculture. As a result of shifts in global market trends and development of technology, the country has experienced economic development in other sectors, such as textiles, processed food, metallurgy and the service sectors.[19] Between 2006 and 2014, GDP growth averaged 4.3%, driven by high oil prices and external financing.[26] From 2015 until 2018, GDP growth averaged just 0.6%.[27] Ecuador's ex-president, Lenín Moreno, launched a radical transformation of Ecuador's economy after taking office in May 2017. The aim was to increase the private sector's weight, in particular the oil industry.[28][29]