Oil reserves in Ecuador:
Even though Ecuador boasts of abundant oil reserves, the country was unable to exploit the resources fully. The reason can be attributed to corruption, mismanagement, absence of investment. The production of oil declined in the beginning of 2007.Assistance rendered by the World bank:
The World Bank has worked out a Country Assistance Strategy or CAS (since 1993) for Ecuador, which aims at attaining the following:- Protecting the less privileged from effects of structural reformation.
- Facilitating accessibility to various resources related to economy and provide increased opportunities.
- Assist in building a government, which is efficient.
- Stabilize the macroeconomic model and provide platform for diversification and sustained growth in the economy.
Facts about Ecuador's economy at a glance:
Gross domestic product:
Gross domestic product PPP(2006) was USD$60.48 billion.Gross domestic product real growth rate(2006) was 3.6%.
GDP per capita PPP(2006) was USD$4,500.
Sector wise Gross domestic product(2006):
Service: 60.2%Industry: 33.5%
Agriculture: 6.3%
Labor force in Ecuador(2001):
Service- 68%Agriculture -8%
Industry- 24%
Rate of unemployment(2006)-10.6%.
Population below poverty line(2003): 41%.
Inflation rate -consumer prices- 3.4%(2006).
Public debt (2006): 36% of the gross domestic product.
Agricultural products in Ecuador include potatoes, manioc, cocoa, coffee, bananas, rice, plantains, sugar cane; balsa wood; shrimp, fish; dairy products.
Industries in Ecuador:
Industrial sector in Ecuador comprise of textiles, chemicals, wood products, petroleum, processing of food.Trade in Ecuador:
Facts about Ecuador's export:
Bananas, shrimp, petroleum, cut flowers are export products of Ecuador. The countries to which these products are exported include Germany, Colombia, Peru, United States Of America.(2005).Facts about Ecuador's import:
Ecuador imports medicinal products, vehicles, telecommunication equipments, electricity. The countries from where these goods are imported include Brazil, Venezuela, United States of America, China, Colombia.(2005).Currency of Ecuador is US dollar. The symbol denoting Ecuador currency is USD.
External debt (2006) was USD$18.1 billion.
