Economy - overview Ecuador has substantial oil resources and rich agricultural areas. As an exporter of primary products such as oil, bananas, and shrimp, fluctuations in world market prices can have a substantial domestic impact. Growth has been uneven in recent years as the government has repeatedly initiated ill-conceived fiscal stabilization measures. The populist government of Abdala BUCARAM Ortiz proposed a major currency reform in 1996, but popular discontent with new austerity measures and rampant official corruption undermined his government's position. Congress replaced BUCARAM with Fabian ALARCON in February 1997. ALARCON has adopted a minimalist economic program that puts off major decisions until the next elected government takes office in August 1998. Ecuador joined the World Trade Organization in 1996, but has failed to comply with many of its accession commitments. Growth slowed to 2.0% in 1996, due to a lack of investment caused by political uncertainty and high domestic interest rates, but economic activity picked up in 1997. Exports and economic growth in 1998 may be adversely affected by lower world oil prices and, to a smaller extent, by El Nino.

GDP purchasing power parity - $53.4 billion (1997 est.)

GDP - real growth rate 3.4% (1997 est.)

GDP - per capita purchasing power parity - $4,400 (1997 est.)

GDP - composition by sector
agriculture: 12%
industry: 37%
services: 51% (1996 est.)

Inflation rate - consumer price index 31% (1997 est.)

Labor force
total: 4.2 million
by occupation: agriculture 29%, manufacturing 18%, commerce 15%, services and other activities 38% (1990)

Unemployment rate 6.9% with widespread underemployment (August 1997 est.)

Budget
revenues: $3.6 billion (1997)
expenditures: $3.6 billion, including capital expenditures of $NA (1996 est.)

Industries petroleum, food processing, textiles, metal work, paper products, wood products, chemicals, plastics, fishing, lumber

Industrial production growth rate 2.4% (1997 est.)

Electricity - capacity 2.754 million kW (1996)

Electricity - production 9.27 billion kWh (1996)

Electricity - consumption per capita 600 kWh (1996)

Agriculture - products bananas, coffee, cocoa, rice, potatoes, manioc, plantains, sugarcane; cattle, sheep, pigs, beef, pork, dairy products; balsa wood; fish, shrimp

Exports
total value: $3.4 billion (f.o.b., 1997)
commodities: petroleum 30%, bananas 26%, shrimp 16%, cut flowers 2%, fish 1.9%
partners: US 39%, Latin America 25%, EU countries 22%, Asia 12%

Imports
total value: $2.9 billion (c.i.f., 1997)
commodities: transport equipment, consumer goods, vehicles, machinery, chemicals
partners: US 32%, EU 19%, Latin America 35%, Asia 11%

Debt - external $12.5 billion (1997)

Economic aid
recipient: ODA, $153 million (1993)
note: received $12.7 million from the US and $160 million from other countries in 1995

Currency 1 sucre (S/) = 100 centavos

Exchange rates sucres (S/) per US$1 - 4,498.0 (January 1998), 3,988.3 (1997), 3,189.5 (1996), 2,564.5 (1995), 2,196.7 (1994), 1,919.1 (1993)

Fiscal year calendar year

NOTE: The information regarding Ecuador on this page is re-published from the 1998 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Ecuador Economy 1998 information contained here. All suggestions for corrections of any errors about Ecuador Economy 1998 should be addressed to the CIA.