Economy - overview:
Ecuador has substantial oil resources and rich agricultural areas.
Because the country exports primary products such as oil, bananas,
and shrimp, fluctuations in world market prices can have a
substantial domestic impact. Ecuador joined the World Trade
Organization (WTrO) in 1996, but has failed to comply with many of
its accession commitments. The aftermath of El Nino and depressed
oil market of 1997-98 drove Ecuador's economy into a free-fall in
1999. The beginning of 1999 saw the banking sector collapse, which
helped precipitate an unprecedented default on external loans later
that year. Continued economic instability drove a 70% depreciation
of the currency throughout 1999, which forced a desperate government
to "dollarize" the currency regime in 2000. The move stabilized the
currency, but did not stave off the ouster of the government.
Gustavo NOBOA, who assumed the presidency in January 2000, has
managed to pass substantial economic reforms and mend relations with
international financial institutions. Ecuador completed its first
standby agreement since 1986 when the IMF Board approved a 10
December 2001 disbursement of $96 million, the final installment of
a $300 million standby credit agreement. In February 2003, newly
installed president Lucio GUTIERREZ faced a budget gap and massive
foreign debt. He has pledged to use oil revenues to pay off debt and
is seeking additional IMF support.
GDP:
purchasing power parity - $42.65 billion (2002 est.)
GDP - real growth rate:
3.4% (2002 est.)
GDP - per capita:
purchasing power parity - $3,200 (2002 est.)
GDP - composition by sector:
agriculture: 11%
industry: 33%
services: 56% (2001 est.)
Population below poverty line:
70% (2001 est.)
Household income or consumption by percentage share:
lowest 10%: 2.2%
highest 10%: 33.8% (1995)
Distribution of family income - Gini index:
43.7 (1995)
Inflation rate (consumer prices):
12.5% (2002 est.)
Labor force:
3.7 million (urban)
Labor force - by occupation:
agriculture 30%, industry 25%, services 45% (2001 est.)
Unemployment rate:
7.7%; note - widespread underemployment (2001 est.)
Budget:
revenues: $5.6 billion
expenditures: planned $5.6 billion, including capital expenditures
of $NA (2001 est.)
Industries:
petroleum, food processing, textiles, metal work, paper products,
wood products, chemicals, plastics, fishing, lumber
Industrial production growth rate:
5.1% (2001 est.)
Electricity - production:
75.23 billion kWh (2001)
Electricity - production by source:
fossil fuel: 81%
hydro: 19%
other: 0% (2001)
nuclear: 0%
Electricity - consumption:
69.96 billion kWh (2001)
Electricity - exports:
0 kWh (2001)
Electricity - imports:
0 kWh (2001)
Oil - production:
421,200 bbl/day (2001 est.)
Oil - consumption:
129,000 bbl/day (2001 est.)
Oil - exports:
NA (2001)
Oil - imports:
NA (2001)
Oil - proved reserves:
2.358 billion bbl (37257)
Natural gas - production:
160 million cu m (2001 est.)
Natural gas - consumption:
160 million cu m (2001 est.)
Natural gas - exports:
0 cu m (2001 est.)
Natural gas - imports:
0 cu m (2001 est.)
Natural gas - proved reserves:
106.5 billion cu m (37257)
Agriculture - products:
bananas, coffee, cocoa, rice, potatoes, manioc (tapioca),
plantains, sugarcane; cattle, sheep, pigs, beef, pork, dairy
products; balsa wood; fish, shrimp
Exports:
$4.9 billion (2002 est.)
Exports - commodities:
petroleum, bananas, shrimp, coffee, cocoa, cut flowers, fish
Exports - partners:
US 39%, Colombia 5.6%, South Korea 5.1%, Germany 5%, Italy 4.4%
(2002)
Imports:
$6 billion (2002 est.)
Imports - commodities:
machinery and equipment, chemicals, raw materials, fuels; consumer
goods
Imports - partners:
US 28.6%, Colombia 14.4%, Japan 6%, Chile 4.5%, Brazil 4.1% (2002)
Debt - external:
$14.4 billion (2002)
Economic aid - recipient:
$120 million (2001)
Currency:
US dollar (USD)
Currency code:
USD
Exchange rates:
sucres per US dollar - 25,000 (2002), 25,000 (2001), 24,988.4
(2000), 11,786.8 (1999), 5,446.57 (1998)
Fiscal year:
calendar year