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: bananas, sugarcane, milk, oil palm fruit, maize, rice, plantains, chicken, pineapples, cocoa beans (2023).
More about the economy of Ecuador
| Labor force | 8.821 million (2024 est.) |
|---|---|
| Industrial production growth rate | -3.7% (2024 est.) |
| Industries | petroleum, food processing, textiles, wood products, chemicals |
| Population below poverty line | 26% (2023 est.) |
| Taxes and other revenues | 13.1% (of GDP) (2022 est.) |
| Fiscal year | |
| Exchange rates | |
| Debt - external | |
| Debt - external 2023 | $39.658 billion (2023 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2024 | $6.908 billion (2024 est.) |
| Reserves of foreign exchange and gold 2023 | $4.442 billion (2023 est.) |
| Reserves of foreign exchange and gold 2022 | $8.459 billion (2022 est.) |
| Current account balance | |
| Current account balance 2024 | $7.082 billion (2024 est.) |
| Current account balance 2023 | $2.217 billion (2023 est.) |
| Current account balance 2022 | $2.136 billion (2022 est.) |
| Budget | |
| Revenues | $35.962 billion (2022 est.) |
| Expenditures | $35.347 billion (2022 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2024 | 5.2% of GDP (2024 est.) |
| Remittances 2023 | 4.5% of GDP (2023 est.) |
| Remittances 2022 | 4.1% of GDP (2022 est.) |
| Household income | |
| Lowest 10% | 1.6% (2023 est.) |
| Highest 10% | 33.2% (2023 est.) |
| Average household expenditures | |
| On food | 25.9% of household expenditures (2023 est.) |
| On alcohol and tobacco | 0.9% of household expenditures (2023 est.) |
| Imports | |
| Imports 2024 | $33.97 billion (2024 est.) |
| Imports 2023 | $35.421 billion (2023 est.) |
| Imports 2022 | $36.644 billion (2022 est.) |
| Imports (partners) | USA 27%, China 20%, Colombia 7%, Brazil 4%, Peru 4% (2023) |
| Comodities Imports force | refined petroleum, coal tar oil, cars, packaged medicine, plastics (2023) |
| Exports | |
| Imports 2024 | $33.97 billion (2024 est.) |
| Imports 2023 | $35.421 billion (2023 est.) |
| Imports 2022 | $36.644 billion (2022 est.) |
| Exports (partners) | USA 22%, China 21%, Panama 12%, Japan 3%, Peru 3% (2023) |
| Comodities Exports force | crude petroleum, shellfish, bananas, fish, gold (2023) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2024 | $252.728 billion (2024 est.) |
| Real GDP (purchasing power parity) 2023 | $257.889 billion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $252.861 billion (2022 est.) |
| GDP (official exchange rate) | $124.676 billion (2024 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2024 | $13,900 (2024 est.) |
| Real GDP per capita 2023 | $14,300 (2023 est.) |
| Real GDP per capita 2022 | $14,200 (2022 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 9.5% (2024 est.) |
| Industry | 26.5% (2024 est.) |
| Services | 57.2% (2024 est.) |
| GDP - composition, by end use | |
| Household consumption | 64.9% (2024 est.) |
| Government consumption | 13.3% (2024 est.) |
| Investment in fixed capital | 18.4% (2024 est.) |
| Investment in inventories | 0.1% (2024 est.) |
| Exports of goods and services | 30.3% (2024 est.) |
| Imports of goods and services | -26.9% (2024 est.) |
| Unemployment rate | |
| Unemployment rate 2024 | 4.8% (2024 est.) |
| Unemployment rate 2023 | 3.6% (2023 est.) |
| Unemployment rate 2022 | 3.8% (2022 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 10.1% (2024 est.) |
| Male | 8.3% (2024 est.) |
| Female | 13% (2024 est.) |
All Important Facts about Ecuador
Want to know more about Ecuador? Check all different factbooks for Ecuador below.
