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EconomyEconomy - overview
Ecuador is substantially dependent on its petroleum resources, which have accounted for more than half of the country's export earnings and approximately two-fifths of public sector revenues in recent years. In 1999/2000, Ecuador suffered a severe economic crisis as a result of a banking crisis with GDP contracting by 5.3%. Poverty increased significantly and Ecuador defaulted on some of its external debt. In March 2000, the Congress approved a series of structural reforms that also provided for the adoption of the US dollar as legal tender. Dollarization stabilized the economy, and positive growth returned in the years that followed, helped by high oil prices, remittances, and increased non-traditional exports. From 2002-06 the economy grew an average of 5.2% per year, the highest five-year average in 25 years. After moderate growth in 2007, the economy reached a growth rate of 7.2% in 2008, in large part due to high global petroleum prices and increased public sector investment. President Rafael CORREA, who took office in January 2007, defaulted in December 2008 on Ecuador's sovereign debt, which, with a total face value of approximately US$3.2 billion, represented about 30% of Ecuador's public external debt. In May 2009, Ecuador bought back 91% of its "defaulted" bonds via an international reverse auction. Economic policies under the CORREA administration - including an announcement in late 2009 of its intention to terminate 13 bilateral investment treaties, including one with the United States - have generated economic uncertainty and discouraged private investment. The Ecuadorian economy slowed to 0.4% growth in 2009 due to the global financial crisis and to the sharp decline in world oil prices and remittance flows. Growth picked up to a 3.6% rate in 2010 and 6.5% in 2011. The government in 2011 signed a $2 billion loan with the state-owned China Development Bank, received $1 billion under a two-year forward sale of an oil contract, negotiated $571 million in financing with China's Eximbank for a new hydroelectric project, and announced plans to obtain further Chinese loans in 2012. China has become Ecuador's largest foreign bilateral lender since Quito defaulted in 2008, allowing the government to maintain a high rate of social spending. Gdp (purchasing power parity) World Ranking: 63
$129.1 billion (2011 est.)
$119.7 billion (2010 est.) $115.6 billion (2009 est.) Note Data are in 2011 US dollars Gdp (official exchange rate)
$66.38 billion (2011 est.)
Gdp - real growth rate World Ranking: 20
7.8% (2011 est.)
3.6% (2010 est.) 0.4% (2009 est.) Gdp - per capita (ppp) World Ranking: 120
$8,600 (2011 est.)
$8,100 (2010 est.) $7,900 (2009 est.) Note Data are in 2011 US dollars Gdp - composition by sector
Agriculture 6.5%
Industry 34.6% Services 58.9% (2011 est.) Labor force World Ranking: 83
4.682 million (urban) (2011 est.) Labor force - by occupation
Agriculture 27.6%
Industry 18.8% Services 53.6% (2010) Unemployment rate World Ranking: 42
4.2% (2011 est.)
5% (2010 est.) Population below poverty line
28.6% (December 2011)
Household income or consumption by percentage share
Lowest 10% 1.4%
Highest 10% 38.3% Note Data for urban households only (2010 est.) Distribution of family income - gini index World Ranking: 30
47.3 (June 2011)
50.5 (2006) Note Data are for urban households Investment (gross fixed) World Ranking: 21
29.6% of GDP (2011 est.)
Budget
Revenues $18.6 billion
Expenditures $22.3 billion (2011 est.) Taxes and other revenues World Ranking: 104
28% of GDP (2011 est.)
Budget surplus (+) or deficit (-) World Ranking: 168
-5.6% of GDP (2011 est.)
Public debt World Ranking: 119
22.1% of GDP (2011 est.)
22.9% of GDP (2010 est.) Inflation rate (consumer prices) World Ranking: 114
4.5% (2011 est.)
3.6% (2010 est.) Central bank discount rate World Ranking: 35
8.17% (31 December 2011)
8.68% (31 December 2010) Commercial bank prime lending rate World Ranking: 109
8.17% (31 December 2011 est.)
9% (31 December 2010 est.) Stock of narrow money World Ranking: 84
$8.202 billion (31 December 2011 est.) $6.421 billion (31 December 2010 est.) Stock of broad money World Ranking: 79
$26.55 billion (31 December 2011 est.) $22.18 billion (31 December 2010 est.) Stock of domestic credit World Ranking: 82
$21.15 billion (31 December 2011 est.) $16.62 billion (31 December 2010 est.) Market value of publicly traded shares World Ranking: 81
$5.779 billion (31 December 2011) $5.263 billion (31 December 2010) $4.248 billion (31 December 2009) Agriculture - products
Bananas, coffee, cocoa, rice, potatoes, manioc (tapioca), plantains, sugarcane; cattle, sheep, pigs, beef, pork, dairy products; fish, shrimp; balsa wood Industries
Petroleum, food processing, textiles, wood products, chemicals Industrial production growth rate World Ranking: 12
10.1% (2011 est.)
Electricity - production World Ranking: 75
16.88 billion kWh (2008 est.)
Electricity - consumption World Ranking: 76
14.92 billion kWh (2008 est.)
Electricity - exports
14.1 million kWh (2008 est.)
Electricity - imports
1.3 billion kWh (2008 est.)
Oil - production World Ranking: 32
500,000 bbl/day (2011 est.)
Oil - consumption World Ranking: 60
166,300 bbl/day (2011 est.)
Oil - exports World Ranking: 39
333,400 bbl/day (2011 est.)
Oil - imports World Ranking: 63
102,500 bbl/day (2011 est.)
Oil - proved reserves World Ranking: 20
6.51 billion bbl (1 January 2011 est.) Natural gas - production World Ranking: 73
331 million cu m (2010 est.)
Natural gas - consumption World Ranking: 99
331 million cu m (2010 est.)
Natural gas - exports World Ranking: 90
0 cu m (2010 est.)
Natural gas - imports World Ranking: 183
0 cu m (2010 est.)
Natural gas - proved reserves World Ranking: 83
7.985 billion cu m (1 January 2011 est.) Current account balance World Ranking: 140
-$1.818 billion (2011 est.)
-$1.917 billion (2010 est.) Exports World Ranking: 71
$22.29 billion (2011)
$18.06 billion (2010 est.) Exports - commodities
Petroleum, bananas, cut flowers, shrimp, cacao, coffee, wood, fish Exports - partners
US 38.3%, Panama 10.1%, Peru 6.3%, Venezuela 5.3%, Chile 5%, Russia 4.6% (2009 est.) Imports World Ranking: 69
$23.23 billion (2011 est.)
$19.64 billion (2010 est.) Imports - commodities
Industrial materials, fuels and lubricants, nondurable consumer goods Imports - partners
US 27.9%, China 10.3%, Colombia 9.2%, Panama 4.6%, Peru 4.6%, Brazil 4.3%, South Korea 4.1% (2009 est.) Reserves of foreign exchange and gold World Ranking: 102
$2.958 billion (31 December 2011 est.) $2.622 billion (31 December 2010 est.) Debt - external World Ranking: 95
$10.05 billion (31 December 2011 est.) $14.81 billion (31 December 2010 est.) Stock of direct foreign investment - at home World Ranking: 79
$12.33 billion (31 December 2011 est.) $11.82 billion (31 December 2010 est.) Stock of direct foreign investment - abroad World Ranking: 58
$6.346 billion (31 December 2011 est.) $6.839 billion (31 December 2010 est.) Fiscal year
Calendar year
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Ecuador (Quito):
GPS points from Ecuador (Quito)
Abril Provincia Del Azuay
Hacienda Pinsaqui Provincia De Imbabura
Hacienda Carmen Provincia De Pichincha
Rio Bulubulu Ecuador (general)
Quebrada Chicapamba Provincia De Pichincha
Hacienda Turubamba Provincia Del Tungurahua
San Pedro Urauco Provincia De Pichincha
Gloria Maria Provincia De Pichincha |