Ecuador

Economics, Political, and Trade Overview

Source: Feb 10, 2022 Economist Intelligence Unit

Ecuador - In Short.

Overview of Ecuador

What is now Ecuador formed part of the northern Inca Empire until the Spanish conquest in 1533. Quito became a seat of Spanish colonial government in 1563 and part of the Viceroyalty of New Granada in 1717. The territories of the Viceroyalty – New Granada (Colombia), Venezuela, and Quito – gained their independence between 1819 and 1822 and formed a federation known as Gran Colombia. When Quito withdrew in 1830, the traditional name was changed in favor of the “Republic of the Equator.” Between 1904 and 1942, Ecuador lost territories in a series of conflicts with its neighbors. A border war with Peru that flared in 1995 was resolved in 1999. Although Ecuador marked 30 years of civilian governance in 2004, the period was marred by political instability. Protests in Quito contributed to the mid-term ouster of three of Ecuador’s last four democratically elected presidents. In late 2008, voters approved a new constitution, Ecuador’s 20th since gaining independence. General elections were held in April 2021, and voters elected Guillermo LASSO president, who took office on 24 May 2021.
Value
Country Full Name
Ecuador
Country Code
ECU
Region
Latin America & Caribbean
Income Group
Upper middle income
Currency Unit
GDP
98808010000
Population
17643060
Land Area
248360
Net National Income Per Capita
4184.174237
GDP per Capita (PPP)
10895.77218

2020 GDP Growth Rate (Current USD)

2020 GDP Per Capita (Current USD)

2020 Urbanization Rate (%)

2020 Total Fertility Rate (Birth Per Woman)

Doing Business Score (100= Most Friendly)

Ecuador - Economic

Economy of Ecuador

Ecuador is substantially dependent on its petroleum resources, which accounted for about a third of the country’s export earnings in 2017. Remittances from overseas Ecuadorian are also important.In 1999/2000, Ecuador’s economy suffered from a banking crisis that lead to some reforms, including adoption of the US dollar as legal tender. Dollarization stabilized the economy, and positive growth returned in most of the years that followed. China has become Ecuador’s largest foreign lender since 2008 and now accounts for 77.7% of the Ecuador’s bilateral debt. Various economic policies under the CORREA administration, such as an announcement in 2017 that Ecuador would terminate 13 bilateral investment treaties – including one with the US, generated economic uncertainty and discouraged private investment.Faced with a 2013 trade deficit of $1.1 billion, Ecuador imposed tariff surcharges from 5% to 45% on an estimated 32% of imports. Ecuador’s economy fell into recession in 2015 and remained in recession in 2016. Declining oil prices and exports forced the CORREA administration to cut government oulays. Foreign investment in Ecuador is low as a result of the unstable regulatory environment and weak rule of law.n April of 2017, Lenin MORENO was elected President of Ecuador by popular vote. His immediate challenge was to reengage the private sector to improve cash flow in the country. Ecuador’s economy returned to positive, but sluggish, growth. In early 2018, the MORENO administration held a public referendum on seven economic and political issues in a move counter to CORREA-administration policies, reduce corruption, strengthen democracy, and revive employment and the economy. The referendum resulted in repeal of taxes associated with recovery from the earthquake of 2016, reduced restrictions on metal mining in the Yasuni Intangible Zone – a protected area, and several political reforms.

Unemployment Rate

Inflation Rate

Ecuador - GDP Composition

GDP Composiiton & Value Added of Ecuador

Last Updated: Jan, 2021, Updated For 2020.

Ecuador - GDP, Value Added

Demographics of Ecuador

nearly half of the population is concentrated in the interior in the Andean intermontane basins and valleys, with large concentrations also found along the western coastal strip; the rainforests of the east remain sparsely populated
Geographic Location

Western South America, bordering the Pacific Ocean at the Equator, between Colombia and Peru

Races

Mestizo (mixed Amerindian and White) 71.9%, Montubio 7.4%, Amerindian 7%, White 6.1%, Afroecuadorian 4.3%, Mulatto 1.9%, Black 1%, other 0.4% (2010 est.)

Languages

Spanish (Castilian) 93% (official), Quechua 4.1%, other indigenous 0.7%, foreign 2.2%; note - (Quechua and Shuar are official languages of intercultural relations; other indigenous languages are in official use by indigenous peoples in the areas they inhabit) (2010 est.)major-language

Religion

Roman Catholic 74%, Evangelical 10.4%, Jehovah's Witness 1.2%, other 6.4% (includes Church of Jesus Christ, Buddhist, Jewish, Spiritualist, Muslim, Hindu, indigenous, African American, Pentecostal), atheist 7.9%, agnostic 0.1% (2012 est.)note: data represent persons at least 16 years of age from five Ecuadoran cities

Dependency & Expectancy of Ecuador

Last Updated: Jan, 2021

Dependency Ratio

Expectancy

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Ecuador - Social Media Briefing

Ecuador - Social Media & Social Commerce

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Politics & Policies of Ecuador

2021 Policies Overview

Updated Coming in March 2021 after our team finish summarizing countries policy.

International Organizations

CAN, CD, CELAC, FAO, G-11, G-77, IADB, IAEA, IBRD, ICAO, ICC (national committees), ICCt, ICRM, IDA, IFAD, IFC, IFRCS, IHO, ILO, IMF, IMO, Interpol, IOC, IOM, IPU, ISO, ITSO, ITU, ITUC (NGOs), LAES, LAIA, Mercosur (associate), MIGA, MINUSTAH, NAM, OAS, OPANAL, OPCW, OPEC, Pacific Alliance (observer), PCA, SICA (observer), UN, UNAMID, UNASUR, UNCTAD, UNESCO, UNHCR, UNIDO, Union Latina, UNISFA, UNMIL, UNMISS, UNOCI, UNWTO, UPU, WCO, WFTU (NGOs), WHO, WIPO, WMO, WTO

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