Economy of Ecuador

Economy of Ecuador

WTO headquartered in Guayaquil
Currency	US dollar
Fiscal year	calendar year
Trade organisations	Andean Community of Nations, WTO, Unasur, ALADI, Bolivarian Alliance for the Americas, Mercosur(Associate)
Statistics
GDP	$170 billion (PPP) (2014 est.) $84.5 billion (2014 est.)
GDP rank	63rd (PPP, 2012 est.)
GDP growth	5.6% (2014)
GDP per capita	$11,160 (2014 est.)
GDP by sector	agriculture: 8.4%; industry: 36.1%; services: 57.5% (2012 est.)
Inflation (CPI)	3.41% (1Q 2014)
Population below poverty line	25.55% (2013)
Gini coefficient	47.9 (2009)
Labour force	6.779 million (December 2012 est.)
Labour force by occupation	agriculture: 27.6%; industry: 18.8%; services: 53.6% (2010)
Unemployment	4.86% (2014 est.)
Main industries	petroleum, food processing, textiles, wood products, chemicals
Ease-of-doing-business rank	114th (2017)
External
Exports	$20.4 billion (2014 est.)
Export goods	Petroleum, bananas, cut flowers, shrimp, cacao, coffee, wood, fish
Main export partners	United States 37.0%  Chile 8.1%  Peru 7.1%  Colombia 4.6%  Japan 4.5%  Russia 4.4% (2012 est.)
Imports	$23.7 billion (2014 est.)
Import goods	industrial materials, fuels and lubricants, nondurable consumer goods
Main import partners	United States 28.0%  China 11.2%  Colombia 9.3%  Peru 4.9% (2012 est.)
FDI stock	$113.11 billion (December 31, 2012 est.)
Gross external debt	$20.03 billion (December 31, 2012 est.)
Public finances
Public debt	18.7% of GDP (2013 est.)
Revenues	$15.59 billion (2012 est.)
Expenses	$20.10 billion (2012 est.)
Economic aid	$209.5 million (2005)
Foreign reserves	$2.482 billion (December 31, 2012 est.)
Main data source: CIA World Fact Book All values, unless otherwise stated, are in US dollars.

$170 billion (PPP) (2014 est.)

The economy of Ecuador is based mostly on exports of oil, bananas, shrimp, gold, other primary agricultural products and money transfers from nearly a million Ecuadorian emigrants employed abroad. In 2002, oil accounted for about one-third of public-sector revenue and 40% of export earnings. Ecuador is the world's largest exporter of bananas ($936.5 million in 2002) and a major exporter of shrimp ($251 million in 2002). Exports of non-traditional products such as flowers ($291 million in 2002) and canned fish ($333 million in 2002) have grown in recent years. Industry is largely oriented to servicing the domestic market.

Ecuadorians often describe the country as a series of "micro-environments" and economic-cultural regions that are reflected in the country's cultural and geographic diversity of coastal fishing and trade (with Guayaquil as a port), highland (with Quito as a center), and the Amazon or jungle region, with several indigenous populations continually facing intrusions by "colonos" (colonists) seeking to use land for farming including palm oil, or for oil and resource exploitation. Various studies have noted the threats to the country's cultures and the continuing growth in population that has contributed to poverty and are a reflection of unsustainable development. Migration of more than 111,000 Ecuadorians following crisis in 1999 also highlights the population growth and inability of the resource base to sustain it, as well as the lack of appropriate economic planning in the country to fit historical traditions or the resource base.

Political tensions with neighboring countries like Peru over mining and other resources to support the growing population, and struggles between the growing urban mestizo population and indigenous peoples over land and resources have underlined the political struggles in recent years. Though foreign-driven economic approaches have mostly focused on exports and on resource exploitation and development rather than on sustainable economic development and stability within the regions and the micro-environments, some economic teams, such as one led by David Lempert, have sought to focus on sustainability.