Economy
Ecuador
Budget
revenues
$35.962 billion (2022 est.)
expenditures
$35.969 billion (2022 est.)
Exports
Exports 2022
$36.588 billion (2022 est.)
Exports 2023
$35.687 billion (2023 est.)
Exports 2024
$38.468 billion (2024 est.)
Imports
Imports 2022
$36.644 billion (2022 est.)
Imports 2023
$35.421 billion (2023 est.)
Imports 2024
$33.97 billion (2024 est.)
Industries
petroleum, food processing, textiles, wood products, chemicals
Labor force
8.821 million (2024 est.)
Public debt
Public debt 2016
43.2% of GDP (2016 est.)
Remittances
Remittances 2022
4.1% of GDP (2022 est.)
Remittances 2023
4.5% of GDP (2023 est.)
Remittances 2024
5.2% of GDP (2024 est.)
Exchange rates
in 2001, the US dollar was adopted as the currency of Ecuador
Debt - external
Debt - external 2023
$39.658 billion (2023 est.)
Economic overview
characterized by a largely informal economy in South America; utilizes USD as currency; significant exporter of bananas; severely affected by COVID-19; faces macroeconomic instability due to reliance on oil; successfully restructured debt; receives funding from China to cover budget deficits; social unrest is obstructing economic progress
Unemployment rate
Unemployment rate 2022
3.8% (2022 est.)
Unemployment rate 2023
3.6% (2023 est.)
Unemployment rate 2024
4.8% (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)
Real GDP per capita
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.)
Real GDP growth rate
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.)
Agricultural products
bananas, sugarcane, milk, oil palm fruit, maize, rice, plantains, chicken, pineapples, cocoa beans (2023)
Exports - commodities
crude petroleum, shellfish, bananas, fish, gold (2023)
Imports - commodities
refined petroleum, coal tar oil, cars, packaged medicine, plastics (2023)
Current account balance
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.)
Taxes and other revenues
13.1% (of GDP) (2022 est.)
GDP (official exchange rate)
$124.676 billion (2024 est.)
GDP - composition, by end use
household consumption
64.9% (2024 est.)
government consumption
13.3% (2024 est.)
investment in inventories
0.1% (2024 est.)
investment in fixed capital
18.4% (2024 est.)
exports of goods and services
30.3% (2024 est.)
imports of goods and services
-26.9% (2024 est.)
Population below poverty line
26% (2023 est.)
Average household expenditures
on food
25.9% of household expenditures (2023 est.)
on alcohol and tobacco
0.9% of household expenditures (2023 est.)
Inflation rate (consumer prices)
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.)
Industrial production growth rate
-3.7% (2024 est.)
Real GDP (purchasing power parity)
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.)
Youth unemployment rate (ages 15-24)
male
8.3% (2024 est.)
total
10.1% (2024 est.)
female
13% (2024 est.)
Reserves of foreign exchange and gold
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.)
GDP - composition, by sector of origin
industry
26.5% (2024 est.)
services
57.2% (2024 est.)
agriculture
9.5% (2024 est.)
Household income or consumption by percentage share
lowest 10%
1.6% (2023 est.)
highest 10%
33.2% (2023 est.)
Gini Index coefficient - distribution of family income
Gini Index coefficient - distribution of family income 2023
44.6 (2023 est.)