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 …  China agreed to the financing request and began to disburse funding, including nearly $1 billion in May and June 2015. The business environment remained below the regional average in 2020, with Ecuador ranked 129th out of 190, down from 2019. Unemployment: 3.9%. ... Ecuador No.  A U.N. appeal by the Office of Coordination of Humanitarian Assistance sought to raise $73 million.  Industrial production is directed primarily to the domestic market. 8 Oct 2019 Its overall score has increased by 4.4 points due to significant improvements in the fiscal health and government integrity scores. This statistic shows the share of economic sectors in the gross domestic product (GDP) in Ecuador from 2009 to 2019. Definition: This entry shows where production takes place in an economy. 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. ... Ecuador has an extended history with political unrest and instability. . The Gross Domestic Product (GDP) in Ecuador contracted 9.97 percent in the second quarter of 2020 over the previous quarter.  In the past, Ecuador’s economy depended largely on primary industries like agriculture, petroleum, and aquaculture. The annual consumption variation was estimated at 0.3%.  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.  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). Labor costs are high relative to productivity. Deteriorating economic performance in 1997–98 culminated in a severe financial crisis in 1999. In 1998, 10% of the richest population had 42.5% of income, while 10% of the poor had only 0.6% of income. 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 … On June 11, 2019, the World Bank Board of Directors approved the 2019-2023 Country Partnership Framework (CPF) with Ecuador.This document establishes. The GDP value of Ecuador represents 0.09 percent of the world economy. After growth of 7.4% in 2011, Ecuador’s growth averaged 4.5% from 2012-2014. . What the author of 'Gringolandia' learned talking to 108 expats in Ecuador. 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 …  The United States subsequently signed bilateral FTAs with Peru and Colombia, but Ecuador showed no interest in pursuing an FTA with the United States. 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. , 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. Ecuador: Economic activity drops at sharpest rate since August 2016 in March. Ecuador’s economy returned to positive, but sluggish, growth. Deteriorating economic performance in 1997–98 culminated in a severe financial crisis in 1999. Menu. Investor protection, default resolution and corporate taxation are all areas where progress is expected.  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. $11,718 per capita.  These include canned foods, liquor, jewelry, furniture, and more. Yet by 2017, the economy was growing again. 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. The number of nonperforming loans has been increasing. The business environment remained below the regional average in 2020, with Ecuador ranked 129th out of 190, down from 2019. , 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). The mining and exporting of oil have played a dominant role in the country's economy since the early 1970's.  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. Gasoline prices have already increased from $1.85 to about $2.40 … The discourse of crisis promoted in the first two years of the Moreno government (2017-18) was a political strategy designed to create distance from the administration of his predecessor Rafael Correa. 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 LATIN AMERICAN ECONOMIC OUTLOOK 2019 COUNTRY NOTES ECUADOR Recent trends Ecuador has made progress in some development indicators in the past decades. According to the U.S. Energy Information Administration, Ecuador was the third largest source of foreign oil to the western United States in 2014. 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. 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. Such projects included negotiation of the Coca-Codo hydroplant. Although the banking sector has grown, state meddling constrains the overall growth of financial services.  In April 2007, Ecuador paid off its debt to the IMF thus ending an era of interventionism of the Agency in the country. The country has a nominal GDP of $6.078 trillion and a PPP GDP of $98.9 billion. 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 … 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. 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. Inflation (CPI): -0.2%. DataBank Microdata Data Catalog. , Ecuador’s access to global financial markets also had been limited by its 2008 default on $3.2 billion in debt to global lenders. The industrial sector's main problem is the deficit of energy, which the current government has tackled with the improvement of performance on existing hydro plants, and the creation of new ones. 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 …  The rates of poverty were higher for populations of indigenous, afro-descendents, and rural sectors. 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.  According to press reports, some private sector analysts question whether Ecuador will be able to meet its debt obligations given two strains on the country’s public finances: the slump in oil income due to the commodity’s low price and the strong U.S. dollar, which, as a result of Ecuador’s dollarized economy, makes the country’s exports less globally competitive. More than 20 percent of the population still lives below the poverty line. Ecuador’s economy experiences an annual average growth of 6.88%. Ecuador joins Argentina, Barbados, Nicaragua and Venezuela as the only countries in the Western Hemisphere projected to have shrinking economies in 2019.  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. 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. On June 11, 2019, the World Bank Board of Directors approved the 2019-2023 Country Partnership Framework (CPF) with Ecuador.This document establishes. 10 Oct 2019 Quito, Ecuador ... which he claimed distorted the economy and cost the country $60bn. 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. source: World Bank 10Y 25Y In early 2018, the MORENO administration held a public referendum on seven economic and political issues in a move counter to CORREA-administration policies, reduce corruption, strengthen democracy, and revive employment and the economy.  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.. Remittances from overseas Ecuadorian are also important. Billionaires. Close. Other taxes include value-added and inheritance taxes.  From 2015 until 2018 GDP growth averaged just 0.6%. 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. Try our corporate solution for free! 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. To help reduce its debt-to-GDP ratio, the government is gradually lowering expensive fuel subsidies and reducing other untargeted subsidies. GDP growth has yet to make the same turnaround, as the economy is still shackled by many years of bad policies.  In addition it claimed that $3.8bn in foreign debt negotiated by previous administrations was illegitimate because it was authorized without executive decree. Mr Moreno gave in and scrapped the decree. FILE PHOTO: Ecuador's President Lenin Moreno Garces addresses the 74th session of the United Nations General Assembly at U.N. headquarters in New York City, New York, U.S., September 25, 2019.  The statistic shows the growth in real GDP in Ecuador from 2009 to 2019, with projections up until 2021. , 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. 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 … 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 Ecuador has used the dollar as its own currency since a financial crisis in 2000.  The total trade amounted to 42% of the Ecuador’s GDP in 2017. 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  This circumstance was due to the fact that imports grew faster than exports. 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. The average applied tariff rate is 7.0 percent, and 281 nontariff measures are in force. Overly rigid labor regulations harm labor market flexibility.  Inflation fell from an annual rate of 96.1% in 2000 to an annual rate of 37.7% in 2001; 12.6% for 2002.. In February 2019, Moreno secured loan deals worth USD 10.2 billion. Please update this article to reflect recent events or newly available information. All Rights Reserved. Industry includes mining, manufacturing, energy production, and construction.  The trade balance with Argentina, Colombia and Asia is negative. 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. Countries that depend on oil exports, including Ecuador, are especially vulnerable. Public debt is equivalent to 46.1 percent of GDP. May 12, 2020. The extreme poverty rate has declined significantly between 1999 and 2010. , The industry is concentrated mainly in Guayaquil, the largest industrial center, and in Quito, where in recent years the industry has grown considerably. Browse by Country or Indicator. COVID-19 stretched an already underfunded health system, and lockdown measures to contain it could mean that, after growing just 0.1 percent in 2019, Ecuador’s GDP could drop 11 percent this year, the report says. 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.  At the time of the announcement, the country had $5.65bn in cash reserves. 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.  Despite this, there is limited export of products produced or processed industrially. 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 … Read more about Ecuador Economy. The “Republic of the Equator” initially gained independence from Spain in 1830.  In 2017, remittances constituted 2.7% of country's GDP. , The International Monetary Fund approved an agreement with Ecuador in March 2019. The top personal income tax rate is 35 percent, and the corporate tax rate has been raised to 25 percent. DataBank Microdata Data Catalog. Inflation rate up to January 2008 was located about 1.14%, the highest recorded in the last year, according to Government. Ecuador: Inflation hits highest level since May 2017. Home | Country Rankings | Graph The Data | Heat MapExplore the Data | Downloads | FAQs| About The Index.  From 2005 to 2014, Chinese banks provided almost $11 billion of financing to Ecuador. 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. Restructuring deals with creditors and a new IMF arrangement will provide some respite for the beleaguered government in 2020-21. Agriculture includes farming, fishing, and forestry.  Minor industrial activity is also concentrated in Cuenca.  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 Americas Oct 17th 2019 edition. 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. The unemploymen… In particular, the country has made improvements in the net secondary enrolment rate (87.2%), which is now on the same level as Chile  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'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 … 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. © 2020 by The Heritage Foundation. , Ecuador has negotiated bilateral treaties with other countries, besides belonging to the Andean Community of Nations, and an associate member of Mercosur. The world’s largest banana exporter, Ecuador also remains a major transit country for narco-trafficking. GDP growth (annual %) Ecuador.  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. 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. Rebeca, Ray and Sara, Kozameh. In particular, the country has made improvements in the net secondary enrolment rate (87.2%), which is now on the same level as Chile 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.  A 500 kV transmission line increases national grid strength and electricity trade with Peru and Colombia..  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. March 21, 2019. 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.  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. 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.  In 2001 it was estimated at 40% of the population, while by 2011 the figure dropped to 17.4% of the total population. 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. , Ecuador’s economic slowdown in 2016 and the country’s need for external finance were exacerbated by a deadly April 2016 earthquake.  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. Economy | November 18th 2020 Ecuador's trade surplus continues to expand in September Import demand will rise as the economy recovers, but robust growth … 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.  Between 2006 and 2014, GDP growth averaged 4.3%, driven by high oil prices and external financing. Ecuador is substantially dependent on its petroleum resources, which accounted for about a third of the country's export earnings in 2017.  The country is substantially dependent on its petroleum resources. As part of his anticorruption initiative, President Moreno has moved to increase judicial independence, but judicial processes remain slow. See more from the 2020 Index. 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