Ecuador


Ecuador Country Report: GDP data and GDP forecasts; economic, financial and trade information; the best banks in Ecuador; country and population overview

DATA ON GDP AND ECONOMIC INFORMATION
Central bank Central Bank of Ecuador
International Reserves US$ 2.958 billion (Source: IMF; Data updated: 2012)
Gross Domestic Product - GDP US$ 72.466 billion (2010 estimate)
GDP (Purchasing Power Parity) 134.805 billion of International dollars (2010 estimate)
Real GDP growth
2001 2002 2003 2004 2005 2006 2007 2008
4.8% 3.4% 3.3% 8.8% 5.7% 4.8% 2% 7.2%
2009 2010 2011 2012*
0.4% 3.6% 7.8% 4.5%

*Estimate

GDP per capita - current prices US$ 4,760 (2010 estimate)
GDP per capita - PPP $8,854 International Dollars (2010 estimate)
GDP (PPP) - share of world total
1980 1990 2000 2010 2015**
0.19% 0.17% 0.15% 0.16% 0.16%

**Forecast

GDP - composition by sector
  • agriculture: 6.5% 
  • industry: 34.6% 
  • services: 58.9% (2011 estimate)
  • (Data released on February 2012)

Gross domestic expenditure on R&D (% of GDP) N/A

(Data released on March 2012)

Inflation
2009 2010 2011 2012*
5.2%(2008) 3.6% 4.5% 5.7%

*Estimate

Unemployment rate
2009 2010 2011 2012*
8.5% 7.6% 6%(2009) 5.8%

*Estimate

Household saving rates N/A

(Data released on December 2011)

Public debt (General government gross debt as a % of GDP)
2008 2009 2010 2011 2012*
21.1% 15.7% 16.1% 18% 18.3%

*Estimate

Public deficit (General government net lending/borrowing as a % of GDP)
2008 2009 2010 2011* 2012**
0.6% -4.3% -1.6% -1% -1%

*Estimate    **Forecast

Government bond ratings

Standard & Poor's: B

Moody's rating: Caa1

Moody's outlook: STA

(Foreign Currency Government Bond Ratings; Data last updated Dec 2011 and Nov 2012)

Market value of publicly traded shares
2009 2010 2011
US$4.248 billion US$5.263 billion US$5.779 billion
Largest companies in Ecuador N/A
DATA ON TRADE AND COMPETITIVENESS
Current account balance US$ 367 million (2010 estimate)(After 2008)
Current account balance by percentage of GDP 0.5% of GDP (2010 estimate)(2009)
Exports as percent of GDP

(Exports of goods and services)

32.9% (2010)

(Data released on April 2012)

Shares in world total merchandising export 0.12%(2007)

(Data were released in 2012 and refer to 2011)

Shares in world total commercial services export 0.04% (2011)(2007)

(Data were released in 2012)

Total exports US$23.77 billion (2012 estimate) 
Export commodities petroleum, bananas, cut flowers, shrimp, cacao, coffee, wood, fish
Total imports US$24.67 billion (2012 estimate) 
Import commodities industrial materials, fuels and lubricants, nondurable consumer goods
Exports - major partners US 38.3%, Panama 10.1%, Peru 6.3%, Venezuela 5.3%, Chile 5%, Russia 4.6% (2009 estimate)
Imports - major partners US 27.9%, China 10.3%, Colombia 9.2%, Panama 4.6%, Peru 4.6%, Brazil 4.3%, South Korea 4.1% (2009 estimate)
FDI inflows
2009 2010 2011
US$321 million US$158 million(2009) US$568 million(2009)
FDI outflows
2009 2010 2011
US$36 million US$12 million US$18 million
Value of cross-border M&A, by country of purchaser
2008 2009 2010 2011
US$0 million N/A(2009) N/A(2009) US$40 million
Cross-border M&A deals worth over $3 billion completed in 2010

(Acquiring company, Acquired company, Country of the acquired company, Value of the deal)

N/A

(for a monthly update on M&A click here )

Cross-border M&A deals worth over $3 billion completed in 2011

(Acquiring company, Acquired company, Country of the acquired company, Value of the deal)

N/A(2008 estimate)

(for a monthly update on M&A click here )

Best countries for doing business

World Bank/IFC Doing Business Project

(Economies are ranked on their ease of doing business, from 1 - 185. A high ranking means the regulatory environment is more conducive to the starting and operation of a local firm.)

Overall ranking: 139 out of 185 countries(2009) (2013)

Subcategories:

Starting a business: 169 out of 185 countries(2009)

Enforcing Contracts: 99 out of 185 countries

Registering Property: 101 out of 185 countries

Getting credit: 83 out of 185 countries

Protecting investors: 139 out of 185 countries

Trading across border: 128 out of 185 countries

Paying Taxes: 84 out of 185 countries

Dealing with Construction Permits: 104 out of 185 countries

Getting Electricity: 146 out of 185 countries

Resolving Insolvency: 137 out of 185 countries

(2013)

Global competitiveness ranking
(ranking by country on a basis of 144, the first is the best)
86

(2012)

Index of Economic Freedom

WSJ and Heritage Foundation

Ranking: 156 Score: 48.3 (Repressed) (2009)

(100=totally free 0=totally repressed )

COUNTRY AND POPULATION OVERVIEW
Time zone UTC-5
Total area 283,561 km2 (2006)
Capital Quito (2009)
Currency US dollar (USD) (2009)
Government type republic (2009)
Languages Spanish (official), Amerindian languages (especially Quechua)
Religions Roman Catholic 95%, other 5%
Total population
1980 1990 2000 2012* 2017**
8.12 million 10.26 million 12.65 million 15.24 million 16.42 million

*Estimate    **Forecast

Urban population as % of total population
1960 1980 2000 2011
33.9% 47% 60.3% 67.4%
Population median age 26 years (2010)
Population growth rate 1.4% (2011)
Life expectancy 75 years (2010)
Adult literacy 84% (2005/2010)
% of population living on less than $2 a day 13.56% (2011)
Inequality of wealth distribution (Gini index)

49.26 (2010)

(Data were released in 2011, 0=perfect equality, 100=absolute inequality)

Freedom House rating

Political Rights:3
Civil Liberties:3 (2011)

(1 represents the most free, 7 the least free)

Total telephone subscribers as % of population

119.62% (2011)

(sum of fixed telephone lines and mobile cellular subscribers)

Internet users as % of total population 31.4% (Data were released in 2012 and refer to 2011)
Cost of living - Mercer index

(ranking by city on a basis of 214; the 1st is the most expensive and the 214th is the least expensive)

Quito: 196th (2011)

CO2 emissions
(Metric tons of CO2 per capita)

2.1107 (Data were released in 2012 and refer to 2009)

GLOBAL FINANCE RANKINGS AND AWARDS

WORLD'S BEST INTERNET BANKS

2012:
  • COUNTRY WINNERS / Best Corporate / Institutional Internet Banks Citi (National, 2012)
2011:
  • COUNTRY WINNERS / Best Corporate / Institutional Internet Banks Citi (National, 2011)
2010:
  • COUNTRY WINNERS / Best Corporate / Institutional Internet Banks Citi (National, 2010)
2009:
  • COUNTRY WINNERS / Best Corporate / Institutional Internet Banks Citi (National, 2009)

WORLD'S BEST EMERGING MARKET BANKS

2012:
  • COUNTRY WINNERS Banco Pichincha (National, 2012)
2011:
  • COUNTRY WINNERS Banco Pichincha (National, 2011)
2010:
  • COUNTRY WINNERS Banco Pichincha (Global, 2010)
2009:
  • COUNTRY WINNERS Banco del Pichincha (Africa, 2009)

CENTRAL BANKER REPORT CARD

2012:

WORLD'S BEST FOREIGN EXCHANGE PROVIDERS

2013:
  • COUNTRY WINNERS Citi (National, 2013)
2012:
  • COUNTRY WINNERS Citi (National, 2012)
2011:
  • COUNTRY WINNERS Citi (National, 2011)
2010:
  • COUNTRY WINNERS Citi (National, 2010)
2009:
  • COUNTRY WINNERS Citi (Global, 2009)
ARTICLES AND COUNTRIES REPORTS FROM GLOBAL FINANCE ARCHIVE