Download Ecuador - globalEDGE

Ecuador
Introduction
Key Economic Facts
Ecuador is a country in South America bordered by
Colombia, Peru, and the Pacific Ocean. The country also
includes the Galapagos Islands in the Pacific west of the
mainland. Ecuador has a tropical and
mountainous terrain and hosts the highest
active volcano in the world. The
government system is a republic; the chief
of state and head of government is the
president. Ecuador has a mixed economic system which
includes a variety of private freedom, combined with
centralized economic planning and government regulation.
Ecuador is a member of
the Andean Community
(ANCOM).
Income Level (by per capita
GNI):
Level of Development:
GDP, PPP (current international
$):
GDP growth (annual %):
GDP per capita, PPP (current
international $):
External debt stocks, total
(DOD, current US$):
Manufacturing, value added (%
of GDP):
Current account balance (BoP,
current US$):
Inflation, consumer prices
(annual %):
Labor force, total:
Unemployment, total (% of
total labor force) (modeled ILO
estimate):
Imports of goods and services
(current US$):
Exports of goods and services
(current US$):
Location:
Capital City:
Chief of State:
Head of Govt.:
Currency:
Major Languages:
South America
Quito (-5 GMT)
President Lenín Moreno
President Lenín Moreno
US dollar (USD)
Spanish (Castilian) 93% (official),
Quechua 4.1%, other indigenous
0.7%, foreign 2.2%
Primary Religions: Roman Catholic 74%, Evangelical
10.4%, Jehovah's Witness 1.2%,
other 6.4% (includes Mormon
Buddhist, Jewish, Spiritualist, Muslim,
Hindu, indigenous religions, African
American religions, Pentecostal),
atheist 7.9%, agnostic 0.1%
Calling Code: 593
Voltage: 120-127
Key Websites
Main Government Page: presidencia.gob.ec
Commerce Ministry: comercioexterior.gob.ec
Risk Assessment (Provided by Coface)
Upper Middle Income
Developing
$185.24 billion (2015)
0.16% (2015)
$11,474.14 (2015)
$27,272,532,000.00 (2015)
15.70% (2015)
-$2.20 billion (2015)
1.72% (2016)
7,506,619 (2016)
5.36% (2016)
$23.70 billion (2015)
$20.71 billion (2015)
GDP Composition %
Agriculture
10
Industry
34
Manufacturing
Services
56
16
*Although Manufacturing is included in the Industry figures, it is also separately
reported because it plays a critical role in economy.
Rankings
Index
Corruption Perceptions Index
EY Globalization Index
Global Competitiveness Index
Global Enabling Trade Index
Index of Economic Freedom
International Logistics Performance Index (LPI)
Inward FDI Potential Index
KOF Index of Globalization
Networked Readiness Index (NRI)
Open Budget Index
Rank
120 / 176
49 / 60
91 / 138
81 / 136
160 / 180
74 / 160
99 / 139
95 / 187
82 / 139
44 / 102
Country rating: C - A very uncertain political and economic
outlook and a business environment with many troublesome
weaknesses can have a significant impact on corporate
payment behavior. Corporate default probability is high.
Business Climate rating: B - The business environment is
mediocre. The availability and the reliability of corporate
financial information vary widely. Debt collection can
sometimes be difficult. The institutional framework has a few
troublesome weaknesses. Intercompany transactions run
appreciable risks in the unstable, largely inefficient
environments rated B.
Strengths
• Significant mineral, oil, and gas potential
• Almost energy self-sufficient thanks to hydroelectricity
• Tourism potential (flora, fauna, cultural heritage)
• Climatic diversity, enabling numerous types of crop
• Marine wealth: world’s biggest exporter of prawns
Weaknesses
• Poorly diversified economy, dependent on oil
• Inadequate infrastructures (roads, dams) and poorly
qualified workforce
• History of sovereign default
• Weak private, domestic and foreign investment
• State interventionism
• Credit expensive and still underdeveloped
• Opposition of indigenous populations and ecologists
to the development of primary resources
U.S. Embassy
U.S. Embassy Quito
E12-170 Avigiras Ave. and Ave. Eloy Alfaro
Quito, Ecuador
Tel: 593-2-398-5000
http://ecuador.usembassy.gov/
Country Memo Provided by: globalEDGE.msu.edu and EXPORT.GOV