Billionaires. See more from the 2020 Index. Ecuador’s economic freedom score is 51.3, making its economy the 158th freest in the 2020 Index. Last update: February 2020 [56] The Correa government also asked China for an additional $7.5 billion in financing in early 2015 as crude oil prices—the nation’s biggest export—weakened further. [54], On December 12, 2008 President Rafael Correa announced that Ecuador would not pay $30.6m in interest to lenders of a $510m loan, claiming that they were monsters. [36] This circumstance was due to the fact that imports grew faster than exports. All Rights Reserved. [56], Ecuador’s economic slowdown in 2016 and the country’s need for external finance were exacerbated by a deadly April 2016 earthquake. Restructuring deals with creditors and a new IMF arrangement will provide some respite for the beleaguered government in 2020-21. Such projects included negotiation of the Coca-Codo hydroplant. The statistic shows the growth in real GDP in Ecuador from 2009 to 2019, with projections up until 2021. [48] GDP doubled between 1999 and 2007, reaching 65,490 million dollars according to BCE. Ecuador By Mark Weisbrot and Andrés Arauz* July 2019 Center for Economic and Policy Research 1611 Connecticut Ave. NW tel: 202 Suite 400 fax: Washington, DC … Provides and overview of Ecuador ... Ecuador's economy was ... a deal with indigenous leaders to end mass protests that had brought the capital Quito to a standstill in the autumn of 2019. On June 11, 2019, the World Bank Board of Directors approved the 2019-2023 Country Partnership Framework (CPF) with Ecuador.This document establishes. [34] Industrial production is directed primarily to the domestic market. Economy | November 18th 2020 Ecuador's trade surplus continues to expand in September Import demand will rise as the economy recovers, but robust growth … It started with a speech declaring that there would not be an increase in taxes, Moreno mentioned he would do the following: Lower the price of Diesel and gasoline "extra" (Super) as well as ecopaís. GDP growth (annual %) Ecuador. Inflation rate up to January 2008 was located about 1.14%, the highest recorded in the last year, according to Government. [citation needed] The trade balance with Argentina, Colombia and Asia is negative. The Gross Domestic Product (GDP) in Ecuador was worth 109 billion US dollars in 2019, according to official data from the World Bank and projections from Trading Economics. [citation needed] The country's vast resources include large amounts of timber across the country, like eucalyptus and mangroves. [19] In the past, Ecuador’s economy depended largely on primary industries like agriculture, petroleum, and aquaculture. [27] From 2015 until 2018 GDP growth averaged just 0.6%. DataBank Microdata Data Catalog. [citation needed] The trade balance with the United States, Chile, the European Union, Bolivia, Peru, Brazil and Mexico is positive. [citation needed] These include canned foods, liquor, jewelry, furniture, and more. The economic damage may have reached $1.5bn (or 1.4% of GDP). Buoyed by higher oil prices, the Ecuadorian economy experienced a modest recovery in 2000–01, with GDP rising 2.3% in 2000 and 5.4% in 2001. The IMF said the reforms were aimed at “improving the sustainability of the Ecuadorian economy”. The completion of the second Transandean Oil Pipeline (OCP in Spanish) in 2003 enabled Ecuador to expand oil exports. FDI Inflow: $1.4 billion. May 12, 2020. The crisis was precipitated by a number of external shocks, including the El Niño weather phenomenon in 1997, a sharp drop in global oil pricesin 1997–98, and international emerging market instability in 1997–98. [53][vague] Such policies were expansionary fiscal policies, of access to housing finance, stimulus packs, and limiting the amount of money reserves banks could keep abroad. . Close. South Georgia and the South Sandwich Islands, adopt the U.S. dollar as the official currency, List of Latin American and Caribbean countries by GDP growth, List of Latin American and Caribbean countries by GDP (nominal), List of Latin American and Caribbean countries by GDP (PPP), "World Economic Outlook Database, April 2019", "World Economic Outlook Database, October 2019", "Poverty headcount ratio at national poverty lines (% of population) - Ecuador", "Poverty headcount ratio at $5.50 a day (2011 PPP) (% of population) - Ecuador", "GINI index (World Bank estimate) - Ecuador", "Inequality-adjusted Human Development Index (IHDI)", "Employment to population ratio, 15+, total (%) (national estimate) - Ecuador", "Total reserves (includes gold, current US$)", "OEC - Ecuador (ECU) Exports, Imports, and Trade Partners", "Personal remittances, received (% of GDP) | Data", "Ecuador's economy to contract by 0.5 pct this year, IMF says", "Ecuador unlikely to nationalize oil sector", "Ecuador first-half trade surplus rises to $390 mln", Mapping for Results – Ecuador, Latin America & Caribbean, Ecuador: Evolucion de la Balanza Comercial, South American Community Nations – Andean Community -CAN, Profile: Mercosur – Common Market of the South, UNASUR (South American organization) – Britannica Online Encyclopedia, "Public Information Notice: IMF Executive Board Concludes 2007 Article IV Consultation with Ecuador", Ecuador student loan program increases funding for overseas study, "Ecuador Inflation rate (consumer prices)", Yahoo! [50][51] The monthly unemployment rate remained at about 6 and 8 percent from December 2007 until September 2008, however, it went up to about 9 percent in October and dropped again in November 2008 to 8 percent. Business Freedom 53.8 Create a Graph using this measurement, Labor Freedom 48.0 Create a Graph using this measurement, Monetary Freedom 81.0 Create a Graph using this measurement. Countries that depend on oil exports, including Ecuador, are especially vulnerable. [22] The country is substantially dependent on its petroleum resources. Unemployment: 3.9%. In brief. The OCP will double Ecuador's oil transport capacity. The extreme poverty rate has declined significantly between 1999 and 2010. Published on Mar 21, 2019 Ecuador and the International Monetary Fund (IMF) staff have reached an agreement on a set of policies to underpin a US$4.2 billion arrangement under the … In 1998, 10% of the richest population had 42.5% of income, while 10% of the poor had only 0.6% of income. Economy Profile of Ecuador Doing Business 2020 Indicators (in order of appearance in the document) Starting a business Procedures, time, cost and paid-in minimum capital to start a limited liability company Dealing with construction permits Procedures, time and cost to complete all formalities to build a warehouse and the quality control and safety In 1999/2000, Ecuador's economy suffered from a banking crisis that lead to some reforms, including adoption of the US dollar as legal tender. [40] It also belongs to the World Trade Organization (WTO), in addition to the Inter-American Development Bank (IDB), World Bank, International Monetary Fund (IMF), Corporacion Andina de Fomento (CAF) and other multilateral agencies. Ecuador has been experiencing fluctuating growth over the last few years. [56] President Moreno later discovered loans made by China over the years currently require that Ecuador pay China back with almost 500 barrels of crude oil—or roughly three years of the country’s oil production. The GDP value of Ecuador represents 0.09 percent of the world economy. Subsequent protest led to the 2000 Ecuadorean coup d'état which saw Mahuad's removal from office and the elevation of Vice President Gustavo Noboa to the presidency. [56] As a consequence, the Economist Intelligence Unit (EIU) forecast that Ecuador’s economy would contract slightly in 2015, although the economy ultimately grew by less than half a percent. The total value of exports and imports of goods and services equals 45.9 percent of GDP. According to the Ecuadorian Central Bank, the economy reached a growth rate of 3% in 2017, 1.4% in 2018, -0.1% in 2019, and approximately -8% in 2020 based on COVID-19 estimations. Industry includes mining, manufacturing, energy production, and construction. The agreements include a USD 4.2 billion deal with the IMF and USD 6 billion worth of loans from institutions such as the World Bank, the Andean Development Corporation and the Inter-American Development Bank. The night of 1 October 2019, Lenín Moreno announced 6 economic measures and 13 restructuring proposals in order to stimulate the country's economy. Last update: February 2020 Its overall score has increased by 4.4 points due to significant improvements in the fiscal health and government integrity scores. Article IV/Country Report: March 21, 2019 Outstanding Purchases and Loans (SDR): 1612.16 million (September 30, 2020) Special Drawing Rights (SDR): 5.83 million Given that the incumbent president, Lenín Moreno, is not seeking re-election and that a member of his party stands little chance of winning, there will be a new government in May 2021 after the February polls. The average applied tariff rate is 7.0 percent, and 281 nontariff measures are in force. Economically, Ecuador became known for exporting Panama hats (straw hats so named because they were shipped to Panama in the mid-18th century and bought by traveling gold seekers and because they were worn by Panama Canal work crews in the early 19th century) and agricultural products, notably cacao (the source of cocoa beans), bananas, and flowers. [59] The rates of poverty were higher for populations of indigenous, afro-descendents, and rural sectors. GDP growth has yet to make the same turnaround, as the economy is still shackled by many years of bad policies. The recent strike that paralyzed the Andean nation for almost two weeks, has left a gaping hole in Ecuador’s economy, this after President Lenin Moreno called back his elimination of fuel subsidies which provoked the violent protests. [58] The Gross Domestic Product (GDP) in Ecuador contracted 9.97 percent in the second quarter of 2020 over the previous quarter. An estimated 9 million Ecuadorians have an economic occupation and about 1.01 million inhabitants are in unemployment condition. Ecuador’s government abandoned the capital city, ... 2019, 5:05 PM EDT ... largely because of a sense that he hasn’t worked fast enough to get the economy on track. [19] Ecuador’s economy is based on the export of oil, bananas, shrimp, gold, other primary agricultural products and money transfers from Ecuadorian emigrants employed abroad. . Ecuador has developed a new economic plan designed to put the country’s debt on a firm downward path, create jobs, protect the poor and most vulnerable, and bolster the fight against corruption. source: World Bank 10Y 25Y QUITO, Jan 17 (Reuters) - Ecuador's economy contracted by 0.08% in 2019 due to the impact from a national strike that paralyzed the country for … The top personal income tax rate is 35 percent, and the corporate tax rate has been raised to 25 percent. The Correa government withstood pressures for more radical steps towards austerity that would have deepened the crisis. The economy was pummeled in the second quarter on the double shock of the Covid-19 outbreak and low oil prices, with GDP collapsing 12.4% on an annual basis (Q1: -2.3% yoy). [56] However, in the middle of 2014 after the price of oil declined significantly, Ecuador’s oil earnings fell. [56], The Correa government increased a value-added tax and implemented a plan to further cut government expenditures after cutting capital expenditures by 30%. [56] Consequently, the Correa government turned to nontraditional allies, such as China, for external finance. Property Rights 40.4 Create a Graph using this measurement, Judicial Effectiveness 20.7 Create a Graph using this measurement, Government Integrity 33.4 Create a Graph using this measurement, Historically, protection of property rights and enforcement of contracts have been weak in Ecuador. [31] Since the late '60s, the exploitation of oil increased production and reserves are estimated at 4.036 million barrels[32], In the agricultural sector, Ecuador is a major exporter of bananas (first place worldwide in production and export), flowers, and the eighth largest producer of cocoa. [64][65] Incentives of financing, tributary incentives, tariffs, and others will be implemented, that is intended to benefit areas of tourism, foods process, renewable and alternative energies, bioenergies, pharmaceutical and chemical products, biochemical and environmental biomedecine, services, automotive metallurgical industry, footwear, and automotive parts and pieces, among others. source: Banco Central del Ecuador. In particular, the country has made improvements in the net secondary enrolment rate (87.2%), which is now on the same level as Chile President Lenín Moreno was narrowly elected to a four-year term in 2017, succeeding former two-term President Rafael Correa. This city is also the largest business center of the country. a funding and technical assistance program to support the country’s development and growth efforts. Investor protection, default resolution and corporate taxation are all areas where progress is expected. [28] Ecuador's president, Lenín Moreno, has launched a radical transformation of Ecuador’s economy since taking office in May 2017. In 2019, Ecuador's real gross domestic product grew by … [33] Pines and cedars are planted in the region of the Sierra, walnuts and rosemary, and balsa wood, on Guayas River Basin. [21] The total trade amounted to 42% of the Ecuador’s GDP in 2017. This statistic shows the share of economic sectors in the gross domestic product (GDP) in Ecuador from 2009 to 2019. The 2019 Ecuadorian protests were a series of protests and riots against austerity measures including the cancellation of fuel subsidies, adopted by President of Ecuador Lenín Moreno and his administration. The investment variation plummeted to -2.5% while the industrial production also decreased by 1.4% in 2015. [53] Starting in 2007, when its economy was surpassed by the economic crisis, Ecuador was subject to a number of economic policy reforms by the government that have helped steer the Ecuadorian economy to a sustained, substantial, and focused achievement of financial stability and consistent social policy. The projection, made before the protests, was that the economy would expand 0.5% in 2020. ... Ecuador No. [28] This arrangement would provide support ($10 billion) for the Ecuadorian government’s economic policies over three years (2018-2021 Prosperity Plan).[28][57]. Noticias España – Los titulares de hoy, El Banco Central de Ecuador sitúa el crecimiento del 2008 en más del 6%, Banco Central del Ecuador – Resumen de pib, Ecuador Inflation rate (consumer prices) – Economy, Ecuadorian Inflation Accelerated to Three-Year High in 2011, América Latina y el Caribe – Ecuador – Datos destacados, "Ecuador and IMF Reach Staff-Level Agreement on a US$4.2 Billion Extended Fund Facility", New Paper Examines Ecuador's Success in Emerging from Economic Recession; Reducing Poverty and Unemployment | Press Releases, http://eluniverso.com/2010/05/26/1/1356/ecuador-incentivara-14-sectores-economicos.html?p=1354&m=638, "China draws fire on mega loan to Ecuador", "Ecuador to export energy to Colombia and Peru through El Inga electrical substation", World Bank Summary Trade Statistics Ecuador, Initiative for Infrastructure Integration of South America, https://en.wikipedia.org/w/index.php?title=Economy_of_Ecuador&oldid=991731842, World Trade Organization member economies, All Wikipedia articles written in American English, Articles with unsourced statements from August 2012, Wikipedia articles in need of updating from May 2020, All Wikipedia articles in need of updating, Articles with unsourced statements from May 2020, All Wikipedia articles needing clarification, Wikipedia articles needing clarification from August 2012, Creative Commons Attribution-ShareAlike License, petroleum, food processing, textiles, wood products, chemicals, industrial materials, fuels and lubricants, nondurable consumer goods, Tariffs applied by Ecuador as provided by ITC's, This page was last edited on 1 December 2020, at 15:07. 9 October 2019, 12:44 UTC. A series of loan deals should also help breathe life into Ecuador’s sluggish economy. March 21, 2019. The industrial sector's main problem is the deficit of energy,[64] which the current government has tackled with the improvement of performance on existing hydro plants, and the creation of new ones. [citation needed] GDP growth leveled off to 3.3% in 2002. [49] In 2019, the government continued to probe high-level corruption and illegal campaign contributions to former President Rafael Correa’s regimes, calling Correa’s administration a “well-structured criminal organization.”, Tax Burden 77.5 Create a Graph using this measurement, Government Spending 57.9 Create a Graph using this measurement, Fiscal Health 62.3 Create a Graph using this measurement. Bello The cost of Ecuador’s surrender on fuel subsidies. On January 9, 2000, the administration of President Jamil Mahuad announced its intention to adopt the U.S. dollar as the official currency of Ecuador to address the ongoing economic crisis. The distribution gives the percentage contribution of agriculture, industry, and services to total GDP, and will total 100 percent of GDP if the data are complete. As part of his anticorruption initiative, President Moreno has moved to increase judicial independence, but judicial processes remain slow. [citation needed] It is also significant in shrimp production, sugar cane, rice, cotton, corn, palm and coffee. Ecuador Economic Growth After the worst economic downturn in recent history this year due to the Covid-19 blow, activity is set to rebound in 2021 as domestic and external demand gradually revive. The statistic shows the growth in real GDP in Ecuador from 2009 to 2019, with projections up until 2021. [37] The oil trade balance positive had revenues of $3.295 million in 2008, while non-oil was negative amounting to 2.842 million dollars. (May 2012) P. 15. [35], The overall trade balance for August 2012 was a surplus of almost 390 million dollars for the first six months of 2012, a huge figure compared with that of 2007, which reached only $5.7 million; the surplus had risen by about 425 million compared to 2006. Politicians in Ecuador target the underground economy and its workers who neither pay taxes nor follow the law, but do nothing to address the underlying problem of why compliance is so low. In 2017, oil accounted for about one-third of public-sector revenue and 32% of export earnings. Ecuador - Consumption GDP crashes in Q2 on Covid-19 and low oil price fallout. The GDP value of Ecuador represents 0.09 percent of the world economy. Deteriorating economic performance in 1997–98 culminated in a severe financial crisis in 1999. GDP growth (annual %) Ecuador. This year, for the first time in a decade, economic freedom has made a dramatic turn for the better in Ecuador, and the economy has reemerged from the ranks of the repressed where it resided under the previous socialist government. [56] President Correa’s plans to begin extracting crude oil from the Ishpingo, Tambochoa, and Tiputini field in Yasuní National Park in the Amazon to provide an economic boost did not salvage the economy from going into recession. Economic Policy; Ecuador Reaches a Deal—but Unrest May Return ... October 16, 2019. [56] However, as of July 2016, only one-fifth of this amount had been received from donor countries, including the United States. The number of nonperforming loans has been increasing. The economy of Ecuador is the eighth largest in Latin America and the 69th largest in the world by total GDP. [38], Ecuador has negotiated bilateral treaties with other countries, besides belonging to the Andean Community of Nations,[39] and an associate member of Mercosur. Economy | October 29th 2020 Ecuador's mining sector gains momentum after lockdown The sector's growth augurs a more robust external position; however, legal uncertainties will weigh on the outlook. [47] In January 2009, the Central Bank of Ecuador (BCE) put the 2010 growth forecast at 6.88%. For the latest forecasts on the economic impacts caused by the coronavirus pandemic, please consult the OECD Economic Outlook Interim Report Coronavirus: the world economy at risk (March 2020) and the IMF's policy tracking platform Policy Responses to COVID-19 for the key economic responses from governments.. Ecuador recorded a nil GDP growth in 2019, against 1.3% in 2018. [29][30], Oil accounts for 40% of exports and contributes to maintaining a positive trade balance. [56], Some observers have attributed the high growth to a public investment boom that was fueled by high oil prices and lending from China. The business environment remained below the regional average in 2020, with Ecuador ranked 129th out of 190, down from 2019. [20] In 2017, remittances constituted 2.7% of country's GDP. Explore. Trade Freedom 66.0 Create a Graph using this measurement, Investment Freedom 35.0 Create a Graph using this measurement, Financial Freedom 40.0 Create a Graph using this measurement. On June 11, 2019, the World Bank Board of Directors approved the 2019-2023 Country Partnership Framework (CPF) with Ecuador.This document establishes. Ecuador is a signatory of the International Covenant on Economic, Social and Cultural Rights, among other treaties that protect these rights. Ecuador is stalled at above replacement level fertility and the population most likely will keep growing rather than stabilize. As a result of shifts in global market trends and development of technology have led to the economic development of other sectors like textile, processed food, metallurgy and the service sectors. Overly rigid labor regulations harm labor market flexibility. LATIN AMERICAN ECONOMIC OUTLOOK 2019 COUNTRY NOTES ECUADOR Recent trends Ecuador has made progress in some development indicators in the past decades. [56] According to some observers, out of a concern for Ecuador’s struggling non-oil exporters, Correa embraced a trade agreement with the European Union (EU) as part of the EU-Andean Community Association agreement that went into effect in January 2017. [citation needed] Inflation fell from an annual rate of 96.1% in 2000 to an annual rate of 37.7% in 2001; 12.6% for 2002.[46]. A new report from the Center for Economic and Policy Research (CEPR) examines Ecuador's March 2019 agreement with the International Monetary Fund (IMF) and finds that Ecuador is likely to have lower GDP per capita, higher unemployment, and increased macroeconomic instability under the program. See how Ecuador compares to another country using any of the measures in the Index. The mining and exporting of oil have played a dominant role in the country's economy since the early 1970's. Investor protection, default resolution and corporate taxation are all areas where progress is expected. The world’s largest banana exporter, Ecuador also remains a major transit country for narco-trafficking. Inflation (CPI): -0.2%. [19] Exports of non-traditional products such as cut flowers ($846 million in 2017) and canned fish ($1.18 billion in 2017) have grown in recent years. 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