[56], The International Monetary Fund approved an agreement with Ecuador in March 2019. Ecuador's recent turn toward a more market friendly economic policies has lifted investor sentiment toward the Andean country, but follow-through beyond fiscal discipline will be … [61] In 2001 it was estimated at 40% of the population, while by 2011 the figure dropped to 17.4% of the total population. 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. March 21, 2019. [23][26] It is the world's largest exporter of bananas ($3.38 billion in 2017) and a major exporter of shrimp ($3.06 billion in 2017). 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. See more from the 2020 Index. President Lenín Moreno was narrowly elected to a four-year term in 2017, succeeding former two-term President Rafael Correa. [citation needed] The trade balance with Argentina, Colombia and Asia is negative. [22] The country is substantially dependent on its petroleum resources. Please update this article to reflect recent events or newly available information. To help reduce its debt-to-GDP ratio, the government is gradually lowering expensive fuel subsidies and reducing other untargeted subsidies. [44] The public finance of Ecuador consists of the Central Bank of Ecuador (BCE), the National Development Bank (BNF), the State Bank, the National Finance Corporation, the Ecuadorian Housing Bank (BEV) and the Ecuadorian Educational Loans and Grants.[45]. Browse by Country or Indicator. The damage to Ecuador’s social and political fabric is harder to calculate, but substantial. 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. [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. [56], The Correa government increased a value-added tax and implemented a plan to further cut government expenditures after cutting capital expenditures by 30%. In February 2019, Moreno secured loan deals worth USD 10.2 billion. Industry includes mining, manufacturing, energy production, and construction. Unemployment: 3.9%. 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. [36] This circumstance was due to the fact that imports grew faster than exports. [59] The rates of poverty were higher for populations of indigenous, afro-descendents, and rural sectors. Tue 27 Aug 2019 10.02 EDT ... administration and the fund are implicated in the political repression as well as the broader attempt to reconvert Ecuador into the kind of economy … Its overall score has increased by 4.4 points due to significant improvements in the fiscal health and government integrity scores. May 12, 2020. The GDP value of Ecuador represents 0.09 percent of the world economy. ... Ecuador has an extended history with political unrest and instability. La economía de Ecuador, que afronta problemas que le han llevado a contraer deuda externa, creció en 0,3 % en el segundo trimestre de 2019 frente al mismo período de 2018, informó el … The OCP will double Ecuador's oil transport capacity. [56] Ecuador successfully returned to the international capital market in June 2014 with a $2 billion bond issue followed by additional smaller bond issues in 2015. [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. 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. [62] This is explained largely by emigration and economic stability achieved after adopting the U.S dollar as official means of transaction . 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. DataBank Microdata Data Catalog. [56] However, in the middle of 2014 after the price of oil declined significantly, Ecuador’s oil earnings fell. Public debt is equivalent to 46.1 percent of GDP. Government openness to foreign investment is below the global average. [56] Showing signs of recovery in 2010, the economy rebounded and grew by 2.8%. 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. 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. Last update: February 2020 [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 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. Overly rigid labor regulations harm labor market flexibility. What the author of 'Gringolandia' learned talking to 108 expats in Ecuador. As part of his anticorruption initiative, President Moreno has moved to increase judicial independence, but judicial processes remain slow. [20] Between 2006 and 2014, GDP growth averaged 4.3%, driven by high oil prices and external financing. 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. On June 11, 2019, the World Bank Board of Directors approved the 2019-2023 Country Partnership Framework (CPF) with Ecuador.This document establishes. Other taxes include value-added and inheritance taxes. The annual GDP growth was projected at 0.3% in 2015 which was significantly lower than 2014 (3.7%). Ecuador's economy ended two years of growth and contracted slightly in 2019 due to a national strike that paralyzed the Andean country for two weeks in … 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. 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. [citation needed] The trade balance with the United States, Chile, the European Union, Bolivia, Peru, Brazil and Mexico is positive. [33] Pines and cedars are planted in the region of the Sierra, walnuts and rosemary, and balsa wood, on Guayas River Basin. GDP Growth Rate in Ecuador averaged 0.69 percent from 2000 until 2020, reaching an all time high of 3.36 percent in the fourth quarter of 2003 and a record low of -9.97 percent in the second quarter of 2020. 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. [citation needed] Despite this, there is limited export of products produced or processed industrially. Last update: February 2020 The “Republic of the Equator” initially gained independence from Spain in 1830. The top personal income tax rate is 35 percent, and the corporate tax rate has been raised to 25 percent. Mr Moreno gave in and scrapped the decree. Home | Country Rankings | Graph The Data | Heat MapExplore the Data | Downloads | FAQs| About The Index. [64] A 500 kV transmission line increases national grid strength and electricity trade with Peru and Colombia.[66]. 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. FDI Inflow: $1.4 billion. Ecuador: Inflation hits highest level since May 2017. [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. Ecuador joins Argentina, Barbados, Nicaragua and Venezuela as the only countries in the Western Hemisphere projected to have shrinking economies in 2019. In a stunning rebuke of his predecessor’s legacy, Moreno has adopted a pragmatic foreign policy, reestablished close relations with the United States, and moved his country toward the political center. [56] A U.N. appeal by the Office of Coordination of Humanitarian Assistance sought to raise $73 million. 8 Oct 2019 In particular, the country has made improvements in the net secondary enrolment rate (87.2%), which is now on the same level as Chile To continue this upward trajectory, the government is implementing ambitious structural reforms and austerity measures, but to attract new investment, it will also need to make a major push to strengthen Ecuador’s weak rule of law. See how Ecuador compares to another country using any of the measures in the Index. [56] In response, the U.S. Office of Foreign Disaster Assistance provided more than $3 million in assistance, including provisions airlifted in for 50,000 people in the earthquake-prone region and assistance with water and sanitation systems in affected areas. 10 Oct 2019 Quito, Ecuador ... which he claimed distorted the economy and cost the country $60bn. GDP growth (annual %) Ecuador. Following the completion of a one-year stand-by program with the International Monetary Fund (IMF) in December 2001, Ecuador successfully negotiated a new $205 million stand-by agreement with the IMF in March 2003. 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. [citation needed] GDP growth leveled off to 3.3% in 2002. 7 on its 2019 list. Try our corporate solution for free! [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 is substantially dependent on its petroleum resources, which have accounted for more than half of the country's export earnings and approximately one-third of public sector revenues in recent years. 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. [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. [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. The statistic shows the growth in real GDP in Ecuador from 2009 to 2019, with projections up until 2021. a funding and technical assistance program to support the country’s development and growth efforts. [56] Despite President Correa’s reluctance to ask for assistance from the International Monetary Fund (IMF), the IMF approved a request for $364 million in financial support under its Rapid Financing Instrument in early July 2016 for Ecuador. [56] Following Venezuela’s acceptance in 2012 to full membership in the South American customs union, Mercosur (Mercado Común del Sur or Common Market of the South), the leftist governments in Bolivia and Ecuador applied to move from observer status to full membership in the trade bloc originally composed of Argentina, Brazil, Paraguay, and Uruguay. $11,718 per capita. [56] Additional loans from China and the World Bank to help ease the government’s balance-of-payments needs were considered. The Noboa government confirmed its commitment to convert to the dollar as the centerpiece of its economic recovery strategy, successfully completing the transition from sucres to dollars in 2001. Countries that depend on oil exports, including Ecuador, are especially vulnerable. Ecuador is ranked 28th among 32 countries in the Americas region, and its overall score is well below the regional and world averages. The crisis was precipitated by a number of external shocks, including the El Niño weather phenomenon in 1997, a sharp drop in global oil prices in 1997–98, and international emerging market instability in 1997–98. Oct 17th 2019 ... a centrist president has to repair economic … 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 … Ecuador has used the dollar as its own currency since a financial crisis in 2000. In brief. Economic Policy; Ecuador Reaches a Deal—but Unrest May Return ... October 16, 2019. Cracking down on those who have no other recourse just perpetuates poverty and keeps them in the informal economy. In April 2017, Lenín Moreno was elected president from the leftist Alianza Pais (AP) party, succeeding President Rafael Correa (2007-2017), a populist Agriculture includes farming, fishing, and forestry. Ecuador's economy is mainly based on mining, agriculture and fishing. 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. [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. Ecuador has been experiencing fluctuating growth over the last few years. The mining and exporting of oil have played a dominant role in the country's economy since the early 1970's. 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). The annual consumption variation was estimated at 0.3%. The plan, supported by a US$4.2 billion Extended Fund Facility from the IMF, along with additional financial support from the international community, will give Ecuador the boost … Menu. [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. In 1998, 10% of the richest population had 42.5% of income, while 10% of the poor had only 0.6% of income. Close. Its dollarized economy depends substantially on petroleum, which accounts for more than half of export earnings and approximately 25 percent of public-sector revenues. 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. The world’s largest banana exporter, Ecuador also remains a major transit country for narco-trafficking. These factors highlighted the Government of Ecuador's unsustainable economic policy mix of large fiscal deficits and expansionary money policy and resulted in a 7.3% contraction of GDP, annual year-on-year inflation of 52.2%, and a 65% devaluation of the national currency in 1999. The average applied tariff rate is 7.0 percent, and 281 nontariff measures are in force. In particular, the country has made improvements in the net secondary enrolment rate (87.2%), which is now on the same level as Chile All Rights Reserved. Ecuador’s economy returned to positive, but sluggish, growth. 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 … 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 [55], In 2009, economic growth declined to 0.6% during the global recession, accompanied by falling oil prices and a decline in remittances provided by Ecuadorians living and working abroad (a major source of external revenues). Ecuador’s economic output stagnated in 2015 and fell by 1.2 percent in 2016 according to ECLAC figures. Browse by Country or Indicator. [56] Consequently, the Correa government turned to nontraditional allies, such as China, for external finance. Economic Indicators for Ecuador including actual values, historical data charts, an economic calendar, time-series statistics, business news, long term forecasts and short-term predictions for Ecuador economy. (212) 419-8286 [49] Investor protection, default resolution and corporate taxation are all areas where progress is expected. The total value of exports and imports of goods and services equals 45.9 percent of GDP. Ecuador’s economy experiences an annual average growth of 6.88%. These factors highlighted the Government of Ecuador's unsustainable economic policy mix of large fiscal deficits and expansionary money policy and resulted in a 7.3% contraction of GDP, annual year-on-year i… Definition: This entry shows where production takes place in an economy. Read more about Ecuador Economy. [53] The Ecuadorian government has made huge investments in education and infrastructure throughout the nation, which have improved the lives of the poor. [58] [21] The total trade amounted to 42% of the Ecuador’s GDP in 2017. GDP growth (annual %) Ecuador. [56] From 2005 to 2014, Chinese banks provided almost $11 billion of financing to Ecuador. The projection, made before the protests, was that the economy would expand 0.5% in 2020. Deteriorating economic performance in 1997–98 culminated in a severe financial crisis in 1999. [47] In January 2009, the Central Bank of Ecuador (BCE) put the 2010 growth forecast at 6.88%. In 2019, Ecuador's real gross domestic product grew by … The business environment remained below the regional average in 2020, with Ecuador ranked 129th out of 190, down from 2019. According to the U.S. Energy Information Administration, Ecuador was the third largest source of foreign oil to the western United States in 2014. The night of 1 October 2019, Lenín Moreno announced 6 economic measures and 13 restructuring proposals in order to stimulate the country's economy. [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. [60] During the same year, 7.6% of health spending went to the 20% of the poor, while 20% of the rich population received 38.1% of this expenditure. 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. 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. 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. An estimated 2 to 3 million Ecuadorians live abroad, but increased unemployment in key receiving countries - Spain, the United States, and Italy - is slowing emigration and increasing the likelihood of returnees to Ecuador. That said, numerous risks linger, including still-high unemployment weighing on household spending, limited fiscal space to boost the recovery, and policy uncertainty ahead of next year’s … This statistic shows the share of economic sectors in the gross domestic product (GDP) in Ecuador from 2009 to 2019. a funding and technical assistance program to support the country’s development and growth efforts. [citation needed] It is also significant in shrimp production, sugar cane, rice, cotton, corn, palm and coffee. [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. 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. [56], Ecuador’s economic slowdown in 2016 and the country’s need for external finance were exacerbated by a deadly April 2016 earthquake. An attendant shows an automotive product to a driver in front of a display with new fuel prices at a gas station in Quito, Ecuador, Tuesday, Oct. 15, 2019. 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 … Remittances from overseas Ecuadorian are also important. LATIN AMERICAN ECONOMIC OUTLOOK 2019 COUNTRY NOTES ECUADOR Recent trends Ecuador has made progress in some development indicators in the past decades. Cracking down on those who have no other recourse just perpetuates poverty and keeps them in the informal economy. In 2017, oil accounted for about one-third of public-sector revenue and 32% of export earnings. [56] Ecuador’s estimated $3 billion costs for reconstruction and humanitarian assistance for 720,000 people in the affected region remain a burden that the government and private sector have sought to address. 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 Inflation rate up to January 2008 was located about 1.14%, the highest recorded in the last year, according to Government. [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. [56] The United States subsequently signed bilateral FTAs with Peru and Colombia, but Ecuador showed no interest in pursuing an FTA with the United States. [55] In addition it claimed that $3.8bn in foreign debt negotiated by previous administrations was illegitimate because it was authorized without executive decree. [citation needed] Minor industrial activity is also concentrated in Cuenca. 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 … Discontinuation of the “solidarity” contributions paid by employers and employees and allowing employers to deduct more of the cost of private medical insurance have made it easier to do business. Close. [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. [52], Between 2006 and 2009, the government increased spending on social welfare and education from 2.6% to 5.2% of its GDP. 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! 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