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 2.2 billion (2018)

International Monetary Fund (IMF), data retrieved October 2019

Gross Domestic Product - GDP

USD 107.5 billion (2018, estimate)

GDP (Purchasing Power Parity)

Intl$ 199.5 billion (2018, estimate)

Real GDP growth
2007 2008 2009 2010 2011 2012 2013
2.2% 6.4% 0.6% 3.5% 7.9% 5.6% 4.9%
2014 2015 2016 2017 2018*    
3.8% 0.1% -1.2% 2.4% 1.1%    

*Estimate

GDP per capita - current prices

USD 6,315.5 (2018, estimate)

GDP per capita - PPP

Intl$ 11,718.1 (2018, estimate)

GDP (PPP) - share of world total
1980 1990 2000 2010 2019*
0.21% 0.18% 0.15% 0.16% 0.17%

*Estimate

 
 
Source
GDP - composition by sector
  • agriculture: 9.2% 
  • industry: 32.7% 
  • services: 51.6%

(2018 estimate)

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

N/A

 

Inflation
2015 2016 2017 2018* 2019*
4% 1.7% 0.4% -0.2% 0.4%

*Estimate

Unemployment rate
2015 2016 2017 2018* 2019*
4.8% 5.2% 4.6% 3.7% 4.3%

*Estimate

Household saving rates

N/A

Public debt (General government gross debt as a % of GDP)
2015 2016 2017 2018* 2019*
33.8% 43.2% 44.6% 45.8% 49.1%

*Estimate

Public deficit (General government net lending/borrowing as a % of GDP)
2015 2016 2017 2018* 2019*
-6.1% -8.2% -4.5% -1.2% 0%

*Estimate

Government bond ratings

Standard & Poor's: B

Moody's: B3

Standard & Poor's / Moody's 

Market value of publicly traded shares
2016 2017 2018
N/A N/A N/A
Largest companies

N/A

 
 
Source
Current account balance

USD -1.5 billion (2018 estimate)

Current account balance by percentage of GDP

-1.4 % (2018 estimate)

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

22.8% (2018)

Shares in world total merchandising export

0.11% (2018)

Shares in world total commercial services export

0.04% (2018)

Total exports

USD 24.7 billion (2018)

Export commodities

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

Total imports

USD 25.6 billion (2018 estimate)

 
 
Source
Import commodities

Industrial materials, fuels and lubricants, nondurable consumer goods

Exports - major partners

US 31.5%, Vietnam 7.6%, Peru 6.7%, Chile 6.5%, Panama 4.9%, Russia 4.4%, China 4%(2017)

Imports - major partners

US 22.8%, China 15.4%, Colombia 8.7%, Panama 6.4%, Brazil 4.4%, Peru 4.2% (2017)

FDI inflows
2016 2017 2018
USD 767 million USD 618 million USD 1,401 million
Value of cross-border M&A, by country of purchaser
2015 2016 2017 2018
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:

129 out of 190 countries

​Subcategories:
Starting a Business: 177 out of 190 countries
Dealing with Construction Permits: 114 out of 190 countries
Getting Electricity: 100 out of 190 countries
Registering Property: 73 out of 190 countries
Getting Credit: 119 out of 190 countries
Protecting Minority Investors: 114 out of 190 countries
Paying Taxes: 147 out of 190 countries
Trading across Borders: 103 out of 190 countries
Enforcing Contracts: 96 out of 190 countries
Resolving Insolvency: 160 out of 190 countries

Global competitiveness ranking

90 out of 141 countries

(2019)

Index of Economic Freedom

Ranking: 170 / Score: 46.9 (Repressed)

(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% (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, African American, Pentecostal), atheist 7.9%, agnostic 0.1% (2012 est.) 

Total population
1990 2000 2010 2015 2020*
10.43 million 12.53 million 15.01 million 16.28 million 17.51 million

*Estimate 

 
 
Source
Urban population as % of total population
1960 1980 2000 2018
33.9% 47% 60.3% 63.8%
Population median age

28.1 years 

Population growth rate

1.25% (2018 estimate)

Life expectancy

77.1 years (2018 estimate)

Literacy

Total population: 94.4% 
Male: 95.4% 
Female: 93.3%
Definition: age 15 and over can read and write (2016 est.)

% of population living on less than $3.10 a day

8.7% (last available estimate, 2017)

Inequality of wealth distribution (Gini index)

44.7 (last available estimate, 2017)

(0=perfect equality, 100=absolute inequality)

Freedom House rating

Partly Free
Political Rights: 3
Civil Liberties: 3 (2019)
(1 represents the most free, 7 the least free rating)

Source
Total telephone subscribers as % of population

Fixed: 13.8%

Mobile: 92.3%

(2018)

(fixed-telephone subscribers and mobile-cellular subscribers)

Internet users as % of total population

57.27 % (2017)

Mercer Cost of living index

Quito: 148th (2019)

CO2 emissions

2.75 metric tons per capita (2014)

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2013

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