Browse a full set of economic indicators

Ecuador

Includes Ecuador real Gross Domestic Product growth rate, with latest forecasts and historical data, GDP per capita, GDP composition and breakdown by sector.

Browse additional economic indicators and data sets, selected by Global Finance editors, to learn more about Ecuador economic outlook, debt to GDP ratio, international trade performance and population trends. Rankings of Ecuador best banks and safest banks are also available.

Basic Information

Government Type: Presidential republic

Capital City: Quito

GDP & Economic Information

Macroeconomy & Sovereign Data

Central Bank Central Bank of Ecuador
Currency US dollar (USD)
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)

GDP Data

Real GDP growth 2007 2.2%
2008 6.4%
2009 0.6%
2010 3.5%
2011 7.9%
2012 5.6%
2013 4.9%
2014 3.8%
2015 0.1%
2016 -1.2%
2017 2.4%
2018 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 0.21%
1990 0.18%
2000 0.15%
2010 0.16%
2019 0.17%
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 4%
2016 1.7%
2017 0.4%
2018* -0.2%
2019* 0.4%

*Estimate

Inflation & Debt

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

*Estimate
Government Bond Ratings
Standard & Poor’s: B

Moody’s: B3

Standard & Poor’s / Moody’s
Unemployment rate
Understood! Here’s the data in a list format without colons:

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

*Estimate
Household saving rates N/A
Public debt (General government gross debt as a % of GDP) 2015 33.8%
2016 43.2%
2017 44.6%
2018* 45.8%
2019* 49.1%

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

*Estimate

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

Import/Export

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)

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)

Competitiveness & Trade

Current account balance USD -1.5 billion (2018 estimate)
Current account balance by percentage of GDP -1.4 % (2018 estimate)
FDI inflows 2016 USD 767 million
2017 USD 618 million
2018 USD 1,401 million
FDI Outflows 2016 N/A
2017 N/A
2018 N/A
Value of cross-border M&A, by country of purchaser 2015 N/A
2016 N/A
2017 N/A
2018 N/A

United Nations Conference on Trade and Development (UNCTAD) – World Investment Report
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)

Population & Geographic Data

Total Area 283,561 sq km


Total Population 1990 10.43 million
2000 12.53 million
2010 15.01 million
2015 16.28 million
2020* 17.51 million
Urban population as % of total population 1960 33.9%
1980 47%
2000 60.3%
2018 63.8%
Population median age 28.1 years



CIA World Factbook / Population median age
Population growth rate 1.25% (2018 estimate)
Life expectancy 77.1 years (2018 estimate)


CIA World Factbook / Life expectancy
% 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)
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)

Language & Religon

Languages Spanish (Castilian) 93% (official), Quechua 4.1%, other indigenous 0.7%, foreign 2.2% (2010 est.)
Literacy
Total population: 94.4%
Male: 95.4%
Female: 93.3%
Definition: age 15 and over can read and write (2016 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.)

World Rankings

Population 17.51 million
Mercer Cost of living index Quito: 148th (2019)
C02 Emissions per capita 2.75 metric tons per capita (2014)

Global Finance Rankings & Awards: Ecuador

Global Finance Magazine holds several conferences and awards ceremonies throughout the year to recognize the winning financial institutions and companies in a host of categories including World’s Best Trade Finance Banks, World's Biggest Banks, World's Safest Banks, World's Best Developed & Emerging Markets Banks, World's Best Internet Banks, and World’s Best Investment Banks.


Data Sources:

IMF World Economic Outlook

UN World Population Prospects

World Inequality Report

S&P Global Ratings

Moody’s

Fitch Ratings

IMF Direction of Trade Statistics (DOTS)

UN Conference on Trade and Development (UNCTAD)

CIA The World Factbook

World Bank’s World Integrated Trade Solution

Forbes Global 2000

arrow-chevron-right-redarrow-chevron-rightbutton-arrow-left-greybutton-arrow-left-red-400button-arrow-left-red-500button-arrow-left-red-600button-arrow-left-whitebutton-arrow-right-greybutton-arrow-right-red-400button-arrow-right-red-500button-arrow-right-red-600button-arrow-right-whitecaret-downcaret-rightclosecloseemailfacebook-square-holdfacebookhamburger-newhamburgerinstagramlinkedin-square-1linkedinpauseplaysearch-outlinesearchsubscribe-digitalsubscribe-printtwitter-square-holdtwitteryoutube