Economy - overview Ecuador has substantial oil resources and rich agricultural areas. Asan exporter of primary products such as oil, bananas, and shrimp, fluctuationsin world market prices can have a substantial domestic impact. Growth hasbeen uneven in recent years as the government has repeatedly initiated ill-conceivedfiscal stabilization measures. The populist government of Abdala BUCARAM Ortizproposed a major currency reform in 1996, but popular discontent with newausterity measures and rampant official corruption undermined his government'sposition. Congress replaced BUCARAM with Fabian ALARCON in February 1997.ALARCON has adopted a minimalist economic program that puts off major decisionsuntil the next elected government takes office in August 1998. Ecuador hasjoined the Word Trade Organization in 1996, but has failed to comply withmany of its accession commitments. Growth slowed to 2.0% in 1996, due to alack of investment caused by political uncertainty and high domestic interestrates.

GDP purchasing power parity - $47 billion (1996 est.)

GDP - real growth rate 2% (1996 est.)

GDP - per capita purchasing power parity - $4,100 (1996 est.)

GDP - composition by sector
agriculture : 13%
industry: 38%
services: 49% (1996 est.)

Inflation rate - consumer price index 26% (1996)

Labor force
total: 3.4 million
by occupation: agriculture 29%, manufacturing 18%, commerce 15%, services and otheractivities 38% (1990)

Unemployment rate 8.5% with widespread underemployment (1996 est.)

Budget
revenues: $3.6 billion (1997)
expenditures: $3.6 billion, including capital expenditures of $NA (1996 est.)

Industries petroleum, food processing, textiles, metal work, paper products, woodproducts, chemicals, plastics, fishing, lumber

Industrial production growth rate 3.3% (1996 est.)

Electricity - capacity 2.754 million kW (1996)

Electricity - production 9.27 billion kWh (1996)

Electricity - consumption per capita 600 kWh (1996)

Agriculture - products bananas, coffee, cocoa, rice, potatoes, manioc, plantains, sugarcane;cattle, sheep, pigs, beef, pork, dairy products; balsa wood; fish, shrimp

Exports
total value: $4.9 billion (f.o.b., 1996)
commodities: petroleum 37%, bananas 20%, shrimp 13%, cocoa 2%, coffee 3%
partners : US 39%, Latin America 25%, EU countries 22%, Asia 12%

Imports
total value: $3.7 billion (c.i.f., 1995)
commodities: transport equipment, consumer goods, vehicles, machinery, chemicals
partners: US 32%, EU 19%, Latin America 35%, Asia 11%

Debt - external $12.6 billion (1996)

Economic aid
recipient: ODA, $153 million (1993)
note: received $12.7 million from the US and $160 million from other countriesin 1995

Currency 1 sucre (S/) = 100 centavos

Exchange rates sucres (S/) per US$1 - 3,674.9 (January 1997), 3,189.5 (1996), 2,564.5(1995), 2,196.7 (1994), 1,919.1 (1993), 1,534.0 (1992)

Fiscal year calendar year

NOTE: The information regarding Ecuador on this page is re-published from the 1997 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Ecuador Economy 1997 information contained here. All suggestions for corrections of any errors about Ecuador Economy 1997 should be addressed to the CIA.