Economy of Ecuador

The economy of Ecuador has risen steadily after adopting dollar as its national currency. Ecuador’s economic growth was 3.9% in 2006. In 2000, Ecuador adopted dollar as its official currency after it went through recession and after suffering a severe crisis in the banking sector(1999).
Export of non petroleum products and petroleum products flourished in the same year.Growth in remittances, dollarization, domestic consumer demand and hike in oil prices contributed to the stability in the economy of Ecuador.

Information on Ecuador’s key factors:
Population of Ecuador below poverty line was 41% in 2003.
Rate of inflation- consumer prices was 3.4% in the year 2006.
Public debt of 36% of the gross domestic product was observed in 2006.

GDP PPP was USD$60.48 billion in 2006.
GDP -official exchange rate was USD$32.57 billion in 2006.
GDP real growth rate was 3.6% in the year 2006.
GDP per capita PPP was USD$4,500 in 2006.

GDP sector wise (2006):

Agriculture-6.3%
Service-60.2%
Industry-33.5%

Status of workforce in 2001:

Industry-24%
Agriculture-8%
Service-68%.

The chief agricultural products of Ecuador include the following:

Tapioca, Potatoes, Bananas, Rice, Plantains, Coffee, sugarcane; dairy products; shrimp, fish.

Industries in Ecuador include textiles, chemicals, food processing, petroleum, wood products.
Ecuador trade:
Trading partners(export,2005)- Germany, Peru, USA, Colombia
Export commodities-bananas, shrimp, cut flowers, petroleum.

Trading partners (import, 2005)-Venezuela, Brazil, China, USA, Colombia.
Import commodities include electricity, equipments of telecommunications, vehicles, medicinal products.

External debt in the year 2006 was USD$18.1 billion.

The currency of Ecuador is United States dollar is denoted by the symbol USD.

Ecuador Economic Performance 1990-2013
Year GDP % Change Inflation % Change Year GDP % Change Inflation % Change
1990 3.01 48.52 2002 3.43 12.6
1991 5.11 48.8 2003 3.27 7.9
1992 3.61 54.34 2004 8.82 2.74
1993 2 45 2005 5.74 2.1
1994 4.92 27.44 2006 4.75 3.3
1995 1.06 22.89 2007 2.04 2.28
1996 2.77 24.4 2008 7.24 8.4
1997 3.27 30.6 2009 0.36 5.16
1998 1.73 36.1 2010 3.58 3.55
1999 -5.33 52.2 2011 7.78 4.48
2000 4.16 96.1 2012 4.05 5.05
2001 4.76 37.7 2013 4.12 4.32

 

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Last Updated on : 6th August 2013