Economy of Ecuador
Population: 17.08 M (2018)
GDP per Capita: 6,345 USD (2018)
108,400 M.

GDP USD

(2018)

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24,740 M.

EXPORTS USD

(2018)

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24,980 M.

IMPORTS USD

(2018)

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45.20 %

PUBLIC DEBT

(2018)

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Data is provided by World Bank, FMI and Central Banks.

GDP and Economic Growth

Indicator Value
Economic Growth 1.38 % (2018)
GDP of 2010 USD USD 88.60 B. (2018)
GDP Current USD USD 108.40 B. (2018)
GDP per Capita Current USD USD 6,345 (2018)
GDP per capita, PPP USD 10,412 (2018)
GDP per Capita, 2010 USD USD 5,185 (2018)

Government spending and balances

Indicator Value
Government Spending % GDP 14.58 % (2018)
Government Spending USD 15.81 B. (2018)
Government Debt % GDP 45.20 % (2018)

International Trade and Investment

Indicator Value
Terms of Trade Base Year 2000 177.40 (2018)
Trade Openness 45.87 % (2018)
Exports of Goods and Services % GDP 22.82 % (2018)
Exports Goods & Services USD 24.74 B. (2018)
Exports Annual Growth 0.85 % (2018)
Imports as % GDP 23.05 % (2018)
Total Imports USD 24.98 B. (2018)
Foreign Direct Investment % GDP 1.30 % (2018)
Foreign Direct Investment USD 1.41 B. (2018)
Current Account Balance % GDP USD -1.37 % (2018)
Current Account Balance USD -1.49 B. (2018)
Trade Balance % GDP -0.23 % (2018)
Trade Balance USD -0.97 B. (2018)
Foreign Exchange Reserves incl Gold USD 2.16 B. (2018)
Remittances % GDP 2.80 % (2018)
Remittances USD 3,031 M. (2018)
Balance of Payments USD 35 M. (2015)

Labor Market

Indicator Value
Labor Force 8.67 M. (2019)
Unemployment Rate 3.98 % (2019)
Unemployment Rate Females 4.96 % (2019)
Unemployment Rate Males 3.28 % (2019)
Youth Unemployment (ages 15-24) 9.11 % (2019)
Labor Force Participation Rate 69.04 % (2019)
Labor Force (Percent Female) 40.89 % (2019)
Female Labor Force Participation Rate 56.63 % (2019)
Male Labor Force Participation Rate 81.70 % (2019)
Dependent People 54.29 % (2018)

Agriculture Sector

Indicator Value
Forest Area 50.20 % (2016)
Forest Area km² 124,692 km² (2016)
Agricultural Land 22.21 % (2016)
Agricultural Land km² 55,160 km² (2016)
Employment 27.27 % (2019)
Value added % GDP 9.24 % (2018)
Agriculture Value added USD 10.02 B. (2018)
Crop Production Index 110.30 (2016)
Precipitation 2,274 mm (2014)
Arable Land 4 % (2016)
Cereal Yield 3,414 kg/hectare (2017)
Food production index 114 (2016)
Rural Population 36 % (2018)
Fertilizer use of Arable Land 345 kg/hectare (2016)
Livestock Production Index 124 (2016)
Economy of Ecuador

According to the World Bank and its latest published data, the economy of the Ecuador presents a growth rate of 1.38 % (2018) to the previous year.

With a population that reaches 17.08 M (2018) and a gross domestic product of USD 108.40 B. (2018), it translates a Gross Domestic Product per Capita of USD 6,345 placing its inhabitants on the threshold of an Upper middle income country (according to the World Bank's updated classification).

Ecuador also has a workforce of 8.67 M. (2019) with an unemployment rate of 3.98 % (2019), where women represent 4.96 % (2019) and men 3.28 % (2019), the unemployment rate for young people between 15-24 years old stood at 9.11 % (2019). The total number of dependent people stands at 54.29 % (2018).

The central government spent 14.58 % (2018) of its gross domestic product that year, which in absolute terms is USD 15.81 B. (2018). Its consolidated public debt reached 45.20 of its GDP, exceeding the 35% risk limit used by the European Union.

Regarding its international trade, Ecuador exported USD 24.74 B. (2018), which represents 22.82 % (2018) of its gross domestic product, in that same sense its imports reached USD 24.98 B. (2018) with a direct foreign investment of USD 1.41 B. (2018).

Ecuador has a forest area of 124,692 km² (2016), which represents 50.20 % (2016) of its total area, an average rainfall of 2,274 mm (2014) per year and a population of 36 % (2018) living in rural areas. With a total area of 55,160 km² (2016) available for agriculture and 27.27 % (2019) of its employments, the agricultural sector contributes to the economy of the Ecuador about USD 10.02 B. (2018) (9.24 % (2018) of its GDP).