Ecuador - Economy
How is the economy of Ecuador? Based on the information we have, Ecuador has a highly informal South American economy; USD currency user; major banana exporter; hard hit by COVID-19; macroeconomic fragility from oil dependency; successful debt restructuring; China funding budget deficits; social unrest hampering economic activity. Key agricultural products in this country include: sugarcane, bananas, oil palm fruit, milk, maize, rice, plantains, chicken, cocoa beans, pineapples (2022).
More about the economy of Ecuador
| Labor force | 8.893 million (2023 est.) |
|---|---|
| Industrial production growth rate | -0.75% (2023 est.) |
| Industries | petroleum, food processing, textiles, wood products, chemicals |
| Population below poverty line | 25.2% (2022 est.) |
| Taxes and other revenues | 13.04% (of GDP) (2022 est.) |
| Fiscal year | |
| Exchange rates | |
| Debt - external | |
| Debt - external 2019 | $50.667 billion (2019 est.) |
| Debt - external 2018 | $43.224 billion (2018 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2023 | $4.442 billion (2023 est.) |
| Reserves of foreign exchange and gold 2022 | $8.459 billion (2022 est.) |
| Reserves of foreign exchange and gold 2021 | $7.912 billion (2021 est.) |
| Current account balance | |
| Current account balance 2023 | $2.291 billion (2023 est.) |
| Current account balance 2022 | $2.133 billion (2022 est.) |
| Current account balance 2021 | $3.098 billion (2021 est.) |
| Public debt | |
| Public debt 2017 | 45.4% of GDP (2017 est.) |
| Budget | |
| Revenues | $35.914 billion (2019 est.) |
| Expenditures | $39.319 billion (2019 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2023 | 4.33% of GDP (2023 est.) |
| Remittances 2022 | 4.07% of GDP (2022 est.) |
| Remittances 2021 | 4.07% of GDP (2021 est.) |
| Household income | |
| Lowest 10% | 1.7% (2022 est.) |
| Highest 10% | 34.3% (2022 est.) |
| Average household expenditures | |
| On food | 26.3% of household expenditures (2021 est.) |
| On alcohol and tobacco | 0.8% of household expenditures (2021 est.) |
| Imports | |
| Imports 2023 | $34.447 billion (2023 est.) |
| Imports 2022 | $36.051 billion (2022 est.) |
| Imports 2021 | $28.128 billion (2021 est.) |
| Imports (partners) | US 26%, China 23%, Colombia 6%, Peru 4%, Brazil 4% (2022) |
| Comodities Imports force | refined petroleum, coal tar oil, cars, natural gas, soybean meal (2022) |
| Exports | |
| Imports 2023 | $34.447 billion (2023 est.) |
| Imports 2022 | $36.051 billion (2022 est.) |
| Imports 2021 | $28.128 billion (2021 est.) |
| Exports (partners) | US 27%, China 17%, Panama 14%, Chile 4%, Colombia 3% (2022) |
| Comodities Exports force | crude petroleum, shellfish, bananas, fish, refined petroleum (2022) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2023 | $260.213 billion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $254.226 billion (2022 est.) |
| Real GDP (purchasing power parity) 2021 | $239.415 billion (2021 est.) |
| GDP (official exchange rate) | $118.845 billion (2023 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2023 | $14,300 (2023 est.) |
| Real GDP per capita 2022 | $14,100 (2022 est.) |
| Real GDP per capita 2021 | $13,500 (2021 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 6.7% (2017 est.) |
| Industry | 32.9% (2017 est.) |
| Services | 60.4% (2017 est.) |
| GDP - composition, by end use | |
| Household consumption | 60.7% (2017 est.) |
| Government consumption | 14.4% (2017 est.) |
| Investment in fixed capital | 24.3% (2017 est.) |
| Investment in inventories | 1% (2017 est.) |
| Exports of goods and services | 20.8% (2017 est.) |
| Imports of goods and services | -21.3% (2017 est.) |
| Unemployment rate | |
| Unemployment rate 2023 | 3.37% (2023 est.) |
| Unemployment rate 2022 | 3.76% (2022 est.) |
| Unemployment rate 2021 | 4.55% (2021 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 7.2% (2023 est.) |
| Male | 5.9% (2023 est.) |
| Female | 9.4% (2023 est.) |
All Important Facts about Ecuador
Want to know more about Ecuador? Check all different factbooks for Ecuador below.
