In the past, Ecuador’s economy depended largely on primary industries like agriculture, petroleum, and aquaculture.  Incentives of financing, tributary incentives, tariffs, and others will be implemented, that is intended to benefit areas of tourism, foods process, renewable and alternative energies, bioenergies, pharmaceutical and chemical products, biochemical and environmental biomedecine, services, automotive metallurgical industry, footwear, and automotive parts and pieces, among others. The GDP value of Ecuador represents 0.09 percent of the world economy. The projection, made before the protests, was that the economy would expand 0.5% in 2020. Read more. Although the banking sector has grown, state meddling constrains the overall growth of financial services. Ecuador’s economic output stagnated in 2015 and fell by 1.2 percent in 2016 according to ECLAC figures. (212) 419-8286 South Georgia and the South Sandwich Islands, adopt the U.S. dollar as the official currency, List of Latin American and Caribbean countries by GDP growth, List of Latin American and Caribbean countries by GDP (nominal), List of Latin American and Caribbean countries by GDP (PPP), "World Economic Outlook Database, April 2019", "World Economic Outlook Database, October 2019", "Poverty headcount ratio at national poverty lines (% of population) - Ecuador", "Poverty headcount ratio at $5.50 a day (2011 PPP) (% of population) - Ecuador", "GINI index (World Bank estimate) - Ecuador", "Inequality-adjusted Human Development Index (IHDI)", "Employment to population ratio, 15+, total (%) (national estimate) - Ecuador", "Total reserves (includes gold, current US$)", "OEC - Ecuador (ECU) Exports, Imports, and Trade Partners", "Personal remittances, received (% of GDP) | Data", "Ecuador's economy to contract by 0.5 pct this year, IMF says", "Ecuador unlikely to nationalize oil sector", "Ecuador first-half trade surplus rises to $390 mln", Mapping for Results – Ecuador, Latin America & Caribbean, Ecuador: Evolucion de la Balanza Comercial, South American Community Nations – Andean Community -CAN, Profile: Mercosur – Common Market of the South, UNASUR (South American organization) – Britannica Online Encyclopedia, "Public Information Notice: IMF Executive Board Concludes 2007 Article IV Consultation with Ecuador", Ecuador student loan program increases funding for overseas study, "Ecuador Inflation rate (consumer prices)", Yahoo! DataBank Microdata Data Catalog.   GDP doubled between 1999 and 2007, reaching 65,490 million dollars according to BCE. Ecuador’s economy returned to positive, but sluggish, growth.  The rates of poverty were higher for populations of indigenous, afro-descendents, and rural sectors. Home | Country Rankings | Graph The Data | Heat MapExplore the Data | Downloads | FAQs| About The Index.  Ecuador’s estimated $3 billion costs for reconstruction and humanitarian assistance for 720,000 people in the affected region remain a burden that the government and private sector have sought to address. The statistic shows the growth in real GDP in Ecuador from 2009 to 2019, with projections up until 2021. Billionaires. Write intro here Economic activity dropped 2.6% year-on-year in March (February: -2.4% yoy) and marked the worst reading since August 2016.  President Correa’s plans to begin extracting crude oil from the Ishpingo, Tambochoa, and Tiputini field in Yasuní National Park in the Amazon to provide an economic boost did not salvage the economy from going into recession. Economically, Ecuador became known for exporting Panama hats (straw hats so named because they were shipped to Panama in the mid-18th century and bought by traveling gold seekers and because they were worn by Panama Canal work crews in the early 19th century) and agricultural products, notably cacao (the source of cocoa beans), bananas, and flowers. The unemploymen… Ecuador's recent turn toward a more market friendly economic policies has lifted investor sentiment toward the Andean country, but follow-through beyond fiscal discipline will be … An estimated 9 million Ecuadorians have an economic occupation and about 1.01 million inhabitants are in unemployment condition. More than 20 percent of the population still lives below the poverty line. Politicians in Ecuador target the underground economy and its workers who neither pay taxes nor follow the law, but do nothing to address the underlying problem of why compliance is so low.  President Moreno later discovered loans made by China over the years currently require that Ecuador pay China back with almost 500 barrels of crude oil—or roughly three years of the country’s oil production. An estimated 2 to 3 million Ecuadorians live abroad, but increased unemployment in key receiving countries - Spain, the United States, and Italy - is slowing emigration and increasing the likelihood of returnees to Ecuador. These factors highlighted the Government of Ecuador's unsustainable economic policy mix of large fiscal deficits and expansionary money policy and resulted in a 7.3% contraction of GDP, annual year-on-year inflation of 52.2%, and a 65% devaluation of the national currency in 1999. Please update this article to reflect recent events or newly available information. Ecuador - Consumption GDP crashes in Q2 on Covid-19 and low oil price fallout.  In response, the U.S. Office of Foreign Disaster Assistance provided more than $3 million in assistance, including provisions airlifted in for 50,000 people in the earthquake-prone region and assistance with water and sanitation systems in affected areas. Ecuador By Mark Weisbrot and Andrés Arauz* July 2019 Center for Economic and Policy Research 1611 Connecticut Ave. NW tel: 202 Suite 400 fax: Washington, DC …  Public debt is equivalent to 46.1 percent of GDP. , Ecuador’s access to global financial markets also had been limited by its 2008 default on $3.2 billion in debt to global lenders. Property Rights 40.4 Create a Graph using this measurement, Judicial Effectiveness 20.7 Create a Graph using this measurement, Government Integrity 33.4 Create a Graph using this measurement, Historically, protection of property rights and enforcement of contracts have been weak in Ecuador. Ecuador is substantially dependent on its petroleum resources, which accounted for about a third of the country's export earnings in 2017. The business environment remained below the regional average in 2020, with Ecuador ranked 129th out of 190, down from 2019. , In 2009, economic growth declined to 0.6% during the global recession, accompanied by falling oil prices and a decline in remittances provided by Ecuadorians living and working abroad (a major source of external revenues). To continue this upward trajectory, the government is implementing ambitious structural reforms and austerity measures, but to attract new investment, it will also need to make a major push to strengthen Ecuador’s weak rule of law. Overly rigid labor regulations harm labor market flexibility. The mining and exporting of oil have played a dominant role in the country's economy since the early 1970's.  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