Ecuador: Economic Outline

Economic Indicators

Ecuador has been performing well since it adopted the US Dollar as its national currency in 2000. Its economy is primarily based on oil which accounts for nearly 50% of its total export income, and the agricultural production. As a matter of fact, Ecuador is the world's largest exporter of bananas and a major exporter of farmed shrimp. The primary sector contributes to less than 10% to GDP. As for the industry, it represents almost one third of GDP and more than one fifth of employment. The service sector contributes to less than two thirds of Ecuador's wealth and employs more than two thirds of its active population.

Nevertheless, Ecuador, member of the OPEC, has not managed to obtain maximum profit from the development of its oil reserves. The country's economy is facing problems such as insufficient investments, corruption in the public sector of oil production and poor management in general.

In 2009, economic growth was lower than expected due to the drop in oil prices and the global financial situation . However, in 2010 the country came out of the recession with a growth of almost 3% and this trend should continue in 2011. Rafael Correa's government has notably suceeded in signing 13 bilateral investment agreements, under the threat of nationalizing the oil industry. The country's challenges are to diversify its economy, train a more highly skilled labor force modernizing its infrastructures.

Main Indicators	2009	2010	2011	2012 (e)	2013 (e)
GDP (billions USD)	52.02	57.98e	65.31e	71.62	76.98
GDP (Constant Prices, Annual % Change)	0.4	3.6e	5.8e	3.8	3.4
GDP per Capita (USD)	3,570	3,921	4,352	4,704	4,983
General Government Gross Debt (in % of GDP)	24.7	20.7	20.9	20.8	20.9
Inflation Rate (%)	5.2	3.6e	4.4	4.9	4.2
Current Account (billions USD)	-0.18	-1.92e	-1.97e	-2.23	-2.45
Current Account (in % of GDP)	-0.3	-3.3e	-3.0e	-3.2	-

Source: IMF - World Economic Outlook Database - Last Available Data.

Note: (e) Estimated Data

Monetary Indicators	2007	2008	2009
Foreign Debt (million USD)	17,787	17,349	12,930

Source: World Bank - Last Available Data.

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Main Sectors of Industry

Breakdown of Economic Activity By Sector	Agriculture	Industry	Services
Employment By Sector (in % of Total Employment)	29.3	18.6	52.1
Value Added (in % of GDP)	7.1	26.4	66.5
Value Added (Annual % Change)	0.3	0.3	9.2