Back اقتصاد الإكوادور Arabic Economía d'Ecuador AST Economia de l'Equador Catalan Wirtschaft Ecuadors German Economía de Ecuador Spanish اقتصاد اکوادور Persian Économie de l'Équateur French Economía de Ecuador Galician כלכלת אקוודור HE Էկվադորի տնտեսություն Armenian

Economy of Ecuador

Economy of Ecuador
Quito, the financial capital of Ecuador
CurrencyUnited States dollar (USD)
calendar year
Trade organizations
Andean Community, WTO, PROSUR, ALADI, Mercosur (associate)
Country group
Statistics
PopulationIncrease 18,342,507 (2022)[3]
GDP
  • Increase $122 billion (nominal, 2024)[4]
  • Increase $268 billion (PPP, 2024)[4]
GDP rank
GDP growth
  • 1.3% (2018) 0.1% (2019e)
  • −7.4% (2020f) 4.1% (2021f)[5]
GDP per capita
  • Increase $6,567 (nominal, 2024)[4]
  • Increase $14,485 (PPP, 2024)[4]
GDP per capita rank
GDP by sector
−0.2% (2018)[4]
Population below poverty line
  • Negative increase 25.0% (2019)[7]
  • Negative increase 24.2% on less than $5.50/day (2018)[8]
Negative increase 45.4 medium (2018)[9]
Labor force
  • Increase 8,671,801 (2019)[11]
  • Decrease 64.3% employment rate (2018)[12]
Labor force by occupation
  • agriculture: 26.1%
  • industry: 18.4%
  • services: 55.5%
  • (2017 est.)[6]
Unemployment3.5% (2018)[13]
Main industries
petroleum, food processing, textiles, wood products, chemicals
External
ExportsIncrease $19.3 billion (2017)[14]
Export goods
petroleum, bananas, cut flowers, shrimp, cacao, coffee, wood, fish
Main export partners
Imports$19.3 billion (2017)[14]
Import goods
industrial materials, fuels and lubricants, nondurable consumer goods
Main import partners
FDI stock
Increase $17.25 billion (December 31, 2017 est.)
Increase$39.29 billion (December 31, 2017 est.)
Public finances
Negative increase 44.6% of GDP (December 31, 2017)[15]
Revenues33.43 billion (2017 est.)[6]
Expenses38.08 billion (2017 est.)[6]
Economic aid$209.5 million (2005)
Increase $8.169 billion (2022)[16]
All values, unless otherwise stated, are in US dollars.


The economy of Ecuador is the eighth largest in Latin America and the 69th largest in the world by total GDP.[17] 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.[18] In 2017, remittances constituted 2.7% of Ecuador's GDP.[19] The total trade amounted to 42% of the Ecuador's GDP in 2017.[20]

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.[21][22] When Ecuador was part of OPEC, it was one of the smallest members[23] and produced about 531,300 barrels per day of petroleum in 2017.[21][24] 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).[17] 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.[17]

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.[18] Between 2006 and 2014, GDP growth averaged 4.3%, driven by high oil prices and external financing.[25] From 2015 until 2018, GDP growth averaged just 0.6%.[26] 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.[27][28]

  1. ^ "World Economic Outlook Database, April 2019". IMF.org. International Monetary Fund. Retrieved September 29, 2019.
  2. ^ "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Retrieved September 29, 2019.
  3. ^ "Population, total – Ecuador". data.worldbank.org. World Bank. Retrieved January 18, 2020.
  4. ^ a b c d e "Report for Selected Countries and Subjects: April 2024". imf.org. International Monetary Fund.
  5. ^ "Global Economic Prospects, June 2020". openknowledge.worldbank.org. World Bank: 86. June 8, 2020. Retrieved June 16, 2020.
  6. ^ a b c d "Ecuador". CIA. 2019. Archived from the original on April 13, 2019. Retrieved April 13, 2019.
  7. ^ "Poverty headcount ratio at national poverty lines (% of population) – Ecuador". data.worldbank.org. World Bank. Retrieved April 2, 2020.
  8. ^ "Poverty headcount ratio at $5.50 a day (2011 PPP) (% of population) – Ecuador". data.worldbank.org. World Bank. Retrieved April 2, 2020.
  9. ^ "GINI index (World Bank estimate) – Ecuador". data.worldbank.org. World Bank. Retrieved April 2, 2020.
  10. ^ a b "Human Development Report 2023/2024" (PDF). United Nations Development Programme. March 13, 2024. Archived (PDF) from the original on March 13, 2024. Retrieved May 6, 2024.
  11. ^ "Labor force, total – Ecuador". data.worldbank.org. World Bank. Retrieved January 18, 2020.
  12. ^ "Employment to population ratio, 15+, total (%) (national estimate) – Ecuador". data.worldbank.org. World Bank. Retrieved January 18, 2020.
  13. ^ "Ecuador". International Labour Organization (ILO). Retrieved April 13, 2019.
  14. ^ a b c d "Ecuador". The Observatory of Economic Complexity. Retrieved April 13, 2019.
  15. ^ "Ecuador Government Debt: % of GDP". CEIC Data. Retrieved April 13, 2019.
  16. ^ "Total reserves (includes gold, current US$)". data.worldbank.org. Retrieved April 14, 2019.
  17. ^ a b c "OEC – Ecuador (ECU) Exports, Imports, and Trade Partners". atlas.media.mit.edu. Retrieved April 14, 2019.
  18. ^ a b "The Economy Of Ecuador". WorldAtlas. Retrieved April 14, 2019.
  19. ^ "Personal remittances, received (% of GDP) | Data". data.worldbank.org. Retrieved April 14, 2019.
  20. ^ "Trade (% of GDP) | Data". data.worldbank.org. Retrieved April 20, 2019.
  21. ^ a b "OPEC : Ecuador". www.opec.org. Archived from the original on December 10, 2019. Retrieved April 14, 2019.
  22. ^ Energy Information Administration – EIA (2017). "Country Analysis Brief: Ecuador" (PDF). www.eia.gov.
  23. ^ "Ecuador's economy to contract by 0.5 pct this year, IMF says". Reuters. March 21, 2019. Retrieved April 14, 2019.
  24. ^ "OPEC : Member Countries". www.opec.org. Retrieved April 14, 2019.
  25. ^ "Ecuador". World Bank. Retrieved April 14, 2019.
  26. ^ "Overview". World Bank. Retrieved April 14, 2019.
  27. ^ EcoEmerging (2018). "Ecuador: A delicate situation". economic-research.bnpparibas.com. Archived from the original on January 25, 2020. Retrieved April 14, 2019.
  28. ^ "Ecuador unlikely to nationalize oil sector". Reuters. July 17, 2009. Retrieved April 14, 2019.

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