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 |
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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 |
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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 |
Ecuador
Inflation & Debt
Inflation |
2015 4% 2016 1.7% 2017 0.4% 2018* -0.2% 2019* 0.4% *Estimate |
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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) |
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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) |
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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 |
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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.) |
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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 |
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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