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 2022 $39.129 billion (2022 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 $35.962 billion (2022 est.)
Expenditures $35.347 billion (2022 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 26.4% of household expenditures (2022 est.)
On alcohol and tobacco 0.8% of household expenditures (2022 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 7.7% (2023 est.)
Industry 26.9% (2023 est.)
Services 59.7% (2023 est.)
GDP - composition, by end use
Household consumption 64.3% (2023 est.)
Government consumption 13.9% (2023 est.)
Investment in fixed capital 19.7% (2023 est.)
Investment in inventories 1.8% (2023 est.)
Exports of goods and services 29.1% (2023 est.)
Imports of goods and services -28.8% (2023 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.

Ecuador is found in South America