Frontier Markets Report: Ecuador

WAIT AND SEE - As it tries to establish a new model for economic development, Ecuador presents a challenge for companies considering investing there. The country is politically stable, but its president, Rafael Correa, is a polarizing figure, both locally and abroad. It is economically vibrant, but much of its potential is tied to oil reserves located in ecologically sensitive areas ...

 
 
Source
Central bank

Central Bank of Ecuador

International Reserves

USD 2.1 billion (2015)

International Monetary Fund (IMF), data retrieved January 2017

Gross Domestic Product - GDP

USD 98.1 billion (2017, estimate)

GDP (Purchasing Power Parity)

Intl$ 181.3 billion (2017, estimate)

Real GDP growth
2006 2007 2008 2009 2010 2011 2012
4.4% 2.2% 6.4% 0.6% 3.5% 7.9% 5.6%
2013 2014 2015 2016* 2017*    
4.6% 3.7% 0.3% -2.3% -2.7%    

*Estimate

GDP per capita - current prices

USD 5,847.70 (2017, estimate)

GDP per capita - PPP

Intl$ 10,806.8 (2017, estimate)

GDP (PPP) - share of world total
1980 1990 2000 2010 2017*
0.21% 0.18% 0.15% 0.16% 0.1%

*Estimate

 
 
Source
GDP - composition by sector
  • agriculture: 6.2% 
  • industry: 34% 
  • services: 59.8%

(2016 estimate)

Gross domestic expenditure on R&D; (% of GDP)

N/A

 

Inflation
2013 2014 2015 2016* 2017*
2.7% 3.6% 4.0% 2.4% 1.1%

*Estimate

Unemployment rate
2013 2014 2015 2016* 2017*
4.2% 3.8% 4.8% 6.1% 6.9%

*Estimate

Household saving rates

N/A

Public debt (General government gross debt as a % of GDP)
2013 2014 2015 2016* 2017*
25.9% 31.2% 33.8% 39.6% 39.7%

*Estimate

Public deficit (General government net lending/borrowing as a % of GDP)
2013 2014 2015 2016* 2017*
-4.6% -5.3% -5.2% -5.2% 0.3%

*Estimate

Government bond ratings

Standard & Poor's: B

Moody's: B3

Standard & Poor's / Moody's (Updated January 2017)

Market value of publicly traded shares
2013 2014 2015
N/A N/A N/A
Largest companies

N/A

 
 
Source
Current account balance

USD -0.8 billion (2017 estimate)

Current account balance by percentage of GDP

-0.9% (2017 estimate)

Exports as percent of GDP (Exports of goods and services)

20.7% (2015)

Shares in world total merchandising export

0.1% (2015)

Shares in world total commercial services export

0.05% (2015)

Total exports

USD 16.8 billion (2016 estimate)

Export commodities

Petroleum, bananas, cut flowers, shrimp, cacao, coffee, wood, fish

Total imports

USD 17.7 billion (2016 estimate)

 
 
Source
Import commodities

Industrial materials, fuels and lubricants, nondurable consumer goods

Exports - major partners

US 39.5%, Chile 6.2%, Peru 5.1%, Vietnam 4.3%, Colombia 4.3% (2015)

Imports - major partners

US 27.1%, China 15.3%, Colombia 8.3%, Panama 4.9% (2015)

FDI inflows
2013 2014 2015
USD 727 million USD 773 million USD 1,060 million
FDI outflows
2013 2014 2015
USD 63 million USD 77 million USD 60 million
Value of cross-border M&A, by country of purchaser
2012 2013 2014 2015
N/A N/A N/A N/A
Cross-border M&A deals worth over $3 billion completed in 2014

N/A

Cross-border M&A deals worth over $3 billion completed in 2015

N/A

Best countries for doing business

Economies are ranked on their ease of doing business. A high ease of doing business ranking means the regulatory environment is more conducive to the starting and operation of a local firm.

Overall ranking: 114 out of 190 countries (2016)

Subcategories:

Starting a business: 166 out of 190 countries

Enforcing Contracts: 96 out of 190 countries

Registering Property: 69 out of 190 countries

Getting credit: 101 out of 190 countries

Protecting investors: 118 out of 190 countries

Trading across border: 97 out of 190 countries

Paying Taxes: 137 out of 190 countries

Dealing with Construction Permits: 76 out of 190 countries

Getting Electricity: 95 out of 190 countries

Resolving Insolvency: 157 out of 190 countries

Global competitiveness ranking

91 out of 138 countries

(2016-2017)

Index of Economic Freedom

Ranking: 159 / Score: 48.56 (Repressed) (2017)

(100=totally free 0=totally repressed)

 
 
Source
Time zone

UTC-5

Total area

283,561 sq km

Capital

Quito

Currency

US dollar (USD)

Government type

Presidential republic

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.)

Religions

Roman Catholic 74%, Evangelical 10.4%, Jehovah's Witness 1.2%, other 6.4% (includes Mormon Buddhist, Jewish, Spiritualist, Muslim, Hindu, indigenous religions, African American religions, Pentecostal), atheist 7.9%, agnostic 0.1% (2012 est.)

Total population
1990 2000 2010 2016* 2021*
10.43 million 12.531 million 15.012 million 16.529 million 17.757 million

*Estimate 

 
 
Source
Urban population as % of total population
1960 1980 2000 2015
34% 47% 60% 64%
Population median age

27.4 years (2016 estimate)

Population growth rate

0.25% (2016 estimate)

Life expectancy

76.8 years (2016 estimate)

Literacy

Total population: 94.5%
Male: 95.4%
Female: 93.5%  (2015 est.)

(age 15 and over can read and write)

% of population living on less than $3.10 a day

3.5% (2014)

Inequality of wealth distribution (Gini index)

45.4 (2014)

(0=perfect equality, 100=absolute inequality)

Freedom House rating

Political Rights: 3
Civil Liberties: 4 (2017)                         

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

Source
Total telephone subscribers as % of population

Fixed 15.49%   Mobile 79.77% (2015)
(fixed-telephone subscribers and mobile-cellular subscribers)

Internet users as % of total population

48.94% (2015)

Mercer Cost of living index

Quito: 127th (2016)

CO2 emissions

2.8 (2013)

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2013

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