Countries
Ecuador
Key Economic Indicators
$287.27 billion
$15,840
-2%
1.55%
3.31%
$124.676 billion (2024 est.)
43.2% of GDP (2016 est.)
$7.06 billion
Economic Overview
highly informal South American economy; USD currency user; major banana exporter; hard hit by COVID-19; macroeconomic fragility from oil dependency; successful debt restructuring; China funding budget deficits; social unrest hampering economic activity
All Economic Data
Agricultural products
bananas, sugarcane, milk, oil palm fruit, maize, rice, plantains, chicken, pineapples, cocoa beans (2023)
note:
<b>note:</b> top ten agricultural products based on tonnage
Average household expenditures
On alcohol and tobacco:
0.9% of household expenditures (2023 est.)
On food:
25.9% of household expenditures (2023 est.)
Budget
Expenditures:
$35.969 billion (2022 est.)
Note:
<b>note:</b> central government revenues (excluding grants) and expenditures converted to US dollars at average official exchange rate for year indicated
Revenues:
$35.962 billion (2022 est.)
Currency
code:
USD
name:
United States dollar (USD) [$]
Current account balance
$7.06 billion
Current account balance 2022:
$2.136 billion (2022 est.)
Current account balance 2023:
$2.217 billion (2023 est.)
Current account balance 2024:
$7.082 billion (2024 est.)
Note:
<b>note:</b> balance of payments - net trade and primary/secondary income in current dollars
Debt - external
$60.36 billion
Debt - external 2023:
$39.658 billion (2023 est.)
Note:
<b>note:</b> present value of external debt in current US dollars
Exchange rates
<p>the US dollar became Ecuador's currency in 2001</p>
Exports
$37.75 billion
Exports 2022:
$36.588 billion (2022 est.)
Exports 2023:
$35.687 billion (2023 est.)
Exports 2024:
$38.468 billion (2024 est.)
Note:
<b>note:</b> balance of payments - exports of goods and services in current dollars
Exports - commodities
crude petroleum, shellfish, bananas, fish, gold (2023)
note:
<b>note:</b> top five export commodities based on value in dollars
Exports - partners
USA 22%, China 21%, Panama 12%, Japan 3%, Peru 3% (2023)
note:
<b>note:</b> top five export partners based on percentage share of exports
Foreign direct investment
net inflows:
$443.06 million
GDP - composition, by end use
Exports of goods and services:
30.3% (2024 est.)
Government consumption:
13.3% (2024 est.)
Household consumption:
64.9% (2024 est.)
Imports of goods and services:
-26.9% (2024 est.)
Investment in fixed capital:
18.4% (2024 est.)
Investment in inventories:
0.1% (2024 est.)
Note:
<b>note:</b> figures may not total 100% due to rounding or gaps in data collection
GDP - composition, by sector of origin
Agriculture:
9.5% (2024 est.)
Industry:
26.5% (2024 est.)
Note:
<b>note:</b> figures may not total 100% due to non-allocated consumption not captured in sector-reported data
Services:
57.2% (2024 est.)
GDP (official exchange rate)
$124.676 billion (2024 est.)
note:
<b>note:</b> data in current dollars at official exchange rate
GDP per capita (nominal)
$6,875
Gini Index coefficient - distribution of family income
45.7 (2019)
Gini Index coefficient - distribution of family income 2023:
44.6 (2023 est.)
Note:
<b>note:</b> index (0-100) of income distribution; higher values represent greater inequality
GNI (gross national income)
$121.31 billion
GNI per capita
$6,430
Gross domestic investment
18 % of GDP
Household income or consumption by percentage share
Highest 10%:
33.2% (2023 est.)
Lowest 10%:
1.6% (2023 est.)
Note:
<b>note:</b> % share of income accruing to lowest and highest 10% of population
Imports
$33.57 billion
Imports 2022:
$36.644 billion (2022 est.)
Imports 2023:
$35.421 billion (2023 est.)
Imports 2024:
$33.97 billion (2024 est.)
Note:
<b>note:</b> balance of payments - imports of goods and services in current dollars
Imports - commodities
refined petroleum, coal tar oil, cars, packaged medicine, plastics (2023)
note:
<b>note:</b> top five import commodities based on value in dollars
Imports - partners
USA 27%, China 20%, Colombia 7%, Brazil 4%, Peru 4% (2023)
note:
<b>note:</b> top five import partners based on percentage share of imports
Industrial production growth rate
-3.7% (2024 est.)
note:
<b>note:</b> annual % change in industrial value added based on constant local currency
Industries
petroleum, food processing, textiles, wood products, chemicals
Inflation rate (consumer prices)
1.55%
Inflation rate (consumer prices) 2022:
3.5% (2022 est.)
Inflation rate (consumer prices) 2023:
2.2% (2023 est.)
Inflation rate (consumer prices) 2024:
1.5% (2024 est.)
Note:
<b>note:</b> annual % change based on consumer prices
Labor force
8.821 million (2024 est.)
note:
<b>note:</b> number of people ages 15 or older who are employed or seeking work
total:
8.98 million persons
Labor force - by occupation
agriculture:
32.48%
industry:
16.59%
services:
50.93%
Population below poverty line
26% (2023 est.)
note:
<b>note:</b> % of population with income below national poverty line
Public debt
Public debt 2016:
43.2% of GDP (2016 est.)
Real GDP (purchasing power parity)
$287.27 billion
Note:
<b>note:</b> data in 2021 dollars
Real GDP (purchasing power parity) 2022:
$252.861 billion (2022 est.)
Real GDP (purchasing power parity) 2023:
$257.889 billion (2023 est.)
Real GDP (purchasing power parity) 2024:
$252.728 billion (2024 est.)
Real GDP growth rate
-2%
Note:
<b>note:</b> annual GDP % growth based on constant local currency
Real GDP growth rate 2022:
5.9% (2022 est.)
Real GDP growth rate 2023:
2% (2023 est.)
Real GDP growth rate 2024:
-2% (2024 est.)
Real GDP per capita
$15,840
Note:
<b>note:</b> data in 2021 dollars
Real GDP per capita 2022:
$14,200 (2022 est.)
Real GDP per capita 2023:
$14,300 (2023 est.)
Real GDP per capita 2024:
$13,900 (2024 est.)
Remittances
$6.54 billion
Note:
<b>note:</b> personal transfers and compensation between resident and non-resident individuals/households/entities
Remittances 2022:
4.1% of GDP (2022 est.)
Remittances 2023:
4.5% of GDP (2023 est.)
Remittances 2024:
5.2% of GDP (2024 est.)
Reserves of foreign exchange and gold
$6.91 billion
Note:
<b>note:</b> holdings of gold (year-end prices)/foreign exchange/special drawing rights in current dollars
Reserves of foreign exchange and gold 2022:
$8.459 billion (2022 est.)
Reserves of foreign exchange and gold 2023:
$4.442 billion (2023 est.)
Reserves of foreign exchange and gold 2024:
$6.908 billion (2024 est.)
Revenue (excl grants)
31 % of GDP
Tax revenue
13 % of GDP
Taxes and other revenues
13.1% (of GDP) (2022 est.)
note:
<b>note:</b> central government tax revenue as a % of GDP
Unemployment rate
3.31%
Note:
<b>note:</b> % of labor force seeking employment
Unemployment rate 2022:
3.8% (2022 est.)
Unemployment rate 2023:
3.6% (2023 est.)
Unemployment rate 2024:
4.8% (2024 est.)
Youth unemployment rate (ages 15-24)
Female:
13% (2024 est.)
Male:
8.3% (2024 est.)
Note:
<b>note:</b> % of labor force ages 15-24 seeking employment
Total:
10.1% (2024 est.)
World Bank Indicators
Currency
United States dollar (USD) $ (2025)
Gini Index
45.70 (2019)
Languages
Spanish (2025)
Economic Rankings
External Debt
#25
Gini Index
#27
GDP (Nominal)
#63
GDP Growth Rate
#64
GDP (PPP)
#66
Imports
#71
Exports
#73
Reserves
#85
GDP per Capita
#106
Unemployment Rate
#109
Inflation Rate
#180
Quick Facts
Industries
petroleum, food processing, textiles, wood products, chemicals
Agricultural products
bananas, sugarcane, milk, oil palm fruit, maize, rice, plantains, chicken, pineapples, cocoa beans (2023)
Labor force
8.821 million (2024 est.)
Exports - partners
USA 22%, China 21%, Panama 12%, Japan 3%, Peru 3% (2023)
Imports - partners
USA 27%, China 20%, Colombia 7%, Brazil 4%, Peru 4% (2023)
Exchange rates
<p>the US dollar became Ecuador's currency in 2001</p>
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