LATIN AMERICAN ECONOMIC OUTLOOK 2019 COUNTRY NOTES ECUADOR Recent trends Ecuador has made progress in some development indicators in the past decades. Ecuador has used the dollar as its own currency since a financial crisis in 2000. 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 [21] The total trade amounted to 42% of the Ecuador’s GDP in 2017. Home | Country Rankings | Graph The Data | Heat MapExplore the Data | Downloads | FAQs| About The Index. . ... Ecuador No. GDP growth (annual %) Ecuador. Ecuador’s economic output stagnated in 2015 and fell by 1.2 percent in 2016 according to ECLAC figures. March 21, 2019. [36] This circumstance was due to the fact that imports grew faster than exports. Investor protection, default resolution and corporate taxation are all areas where progress is expected. President Lenín Moreno was narrowly elected to a four-year term in 2017, succeeding former two-term President Rafael Correa. Ecuador is a signatory of the International Covenant on Economic, Social and Cultural Rights, among other treaties that protect these rights. The Gross Domestic Product (GDP) in Ecuador contracted 9.97 percent in the second quarter of 2020 over the previous quarter. [27] From 2015 until 2018 GDP growth averaged just 0.6%. [citation needed] The trade balance with Argentina, Colombia and Asia is negative. source: World Bank 10Y 25Y The economy was pummeled in the second quarter on the double shock of the Covid-19 outbreak and low oil prices, with GDP collapsing 12.4% on an annual basis (Q1: -2.3% yoy). [56] Ecuador successfully returned to the international capital market in June 2014 with a $2 billion bond issue followed by additional smaller bond issues in 2015. 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. [56], Ecuador’s economic slowdown in 2016 and the country’s need for external finance were exacerbated by a deadly April 2016 earthquake. a funding and technical assistance program to support the country’s development and growth efforts. DataBank Microdata Data Catalog. [19] In the past, Ecuador’s economy depended largely on primary industries like agriculture, petroleum, and aquaculture. Last update: February 2020 Ecuador has been experiencing fluctuating growth over the last few years. [33] Pines and cedars are planted in the region of the Sierra, walnuts and rosemary, and balsa wood, on Guayas River Basin. Ecuador’s economy returned to positive, but sluggish, growth. [48] GDP doubled between 1999 and 2007, reaching 65,490 million dollars according to BCE. Subsequent protest led to the 2000 Ecuadorean coup d'état which saw Mahuad's removal from office and the elevation of Vice President Gustavo Noboa to the presidency. In 2017, oil accounted for about one-third of public-sector revenue and 32% of export earnings. (May 2012) P. 15. The IMF said the reforms were aimed at “improving the sustainability of the Ecuadorian economy”. The investment variation plummeted to -2.5% while the industrial production also decreased by 1.4% in 2015. Inflation (CPI): -0.2%. The projection, made before the protests, was that the economy would expand 0.5% in 2020. The unemploymen… Its overall score has increased by 4.4 points due to significant improvements in the fiscal health and government integrity scores. 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. Such projects included negotiation of the Coca-Codo hydroplant. All Rights Reserved. Clashes erupt at Ecuador fuel price protests Riot police use tear gas to disperse marchers protesting soaring fuel prices, as oil fields seizure slashes production. This statistic shows the share of economic sectors in the gross domestic product (GDP) in Ecuador from 2009 to 2019. Ecuador joins Argentina, Barbados, Nicaragua and Venezuela as the only countries in the Western Hemisphere projected to have shrinking economies in 2019. Public debt is equivalent to 46.1 percent of GDP. LATIN AMERICAN ECONOMIC OUTLOOK 2019 COUNTRY NOTES ECUADOR Recent trends Ecuador has made progress in some development indicators in the past decades. Ecuador’s economic freedom score is 51.3, making its economy the 158th freest in the 2020 Index. Oct 17th 2019 ... a centrist president has to repair economic … The economic damage may have reached $1.5bn (or 1.4% of GDP). In particular, the country has made improvements in the net secondary enrolment rate (87.2%), which is now on the same level as Chile Economic Indicators for Ecuador including actual values, historical data charts, an economic calendar, time-series statistics, business news, long term forecasts and short-term predictions for Ecuador economy. 7 on its 2019 list. In 1998, 10% of the richest population had 42.5% of income, while 10% of the poor had only 0.6% of income. The Correa government withstood pressures for more radical steps towards austerity that would have deepened the crisis. [19] 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. (212) 419-8286 source: Banco Central del Ecuador. Investor protection, default resolution and corporate taxation are all areas where progress is expected. Cracking down on those who have no other recourse just perpetuates poverty and keeps them in the informal economy. 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 … Ecuador's economy is mainly based on mining, agriculture and fishing. [56] Consequently, the Correa government turned to nontraditional allies, such as China, for external finance. 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 … The annual consumption variation was estimated at 0.3%. [citation needed] GDP growth leveled off to 3.3% in 2002. [29][30], Oil accounts for 40% of exports and contributes to maintaining a positive trade balance. [28] This arrangement would provide support ($10 billion) for the Ecuadorian government’s economic policies over three years (2018-2021 Prosperity Plan).[28][57]. 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. Try our corporate solution for free! [56] From 2005 to 2014, Chinese banks provided almost $11 billion of financing to Ecuador. The top personal income tax rate is 35 percent, and the corporate tax rate has been raised to 25 percent. 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. According to the Ecuadorian Central Bank, the economy reached a growth rate of 3% in 2017, 1.4% in 2018, -0.1% in 2019, and approximately -8% in 2020 based on COVID-19 estimations. 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. La economía de Ecuador, que afronta problemas que le han llevado a contraer deuda externa, creció en 0,3 % en el segundo trimestre de 2019 frente al mismo período de 2018, informó el … [56] President Correa’s plans to begin extracting crude oil from the Ishpingo, Tambochoa, and Tiputini field in Yasuní National Park in the Amazon to provide an economic boost did not salvage the economy from going into recession. 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. 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 … The mining and exporting of oil have played a dominant role in the country's economy since the early 1970's. Last update: February 2020 This city is also the largest business center of the country. 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. [55] In addition it claimed that $3.8bn in foreign debt negotiated by previous administrations was illegitimate because it was authorized without executive decree. DataBank Microdata Data Catalog. [55], 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). [53][vague] Such policies were expansionary fiscal policies, of access to housing finance, stimulus packs, and limiting the amount of money reserves banks could keep abroad. Buoyed by higher oil prices, the Ecuadorian economy experienced a modest recovery in 2000–01, with GDP rising 2.3% in 2000 and 5.4% in 2001. Ecuador’s economy experiences an annual average growth of 6.88%. [56], The International Monetary Fund approved an agreement with Ecuador in March 2019. [citation needed] Inflation fell from an annual rate of 96.1% in 2000 to an annual rate of 37.7% in 2001; 12.6% for 2002.[46]. Ecuador - Consumption GDP crashes in Q2 on Covid-19 and low oil price fallout. This year, for the first time in a decade, economic freedom has made a dramatic turn for the better in Ecuador, and the economy has reemerged from the ranks of the repressed where it resided under the previous socialist government. Restructuring deals with creditors and a new IMF arrangement will provide some respite for the beleaguered government in 2020-21. 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. 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. 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. [23][26] 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). 9 October 2019, 12:44 UTC. 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. [64][65] 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. [56] 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. [56] However, as of July 2016, only one-fifth of this amount had been received from donor countries, including the United States. [56] Additional loans from China and the World Bank to help ease the government’s balance-of-payments needs were considered. The economy of Ecuador is the eighth largest in Latin America and the 69th largest in the world by total GDP. In April 2017, Lenín Moreno was elected president from the leftist Alianza Pais (AP) party, succeeding President Rafael Correa (2007-2017), a populist [41][42][43] In April 2007, Ecuador paid off its debt to the IMF thus ending an era of interventionism of the Agency in the country. The GDP value of Ecuador represents 0.09 percent of the world economy. The annual GDP growth was projected at 0.3% in 2015 which was significantly lower than 2014 (3.7%). Although the banking sector has grown, state meddling constrains the overall growth of financial services. [56], Ecuador withdrew from efforts to develop a regional free trade agreement (FTA) between the United States and Bolivia, Colombia, Ecuador, and Peru in 2006. 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. [56] 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. [56] A U.N. appeal by the Office of Coordination of Humanitarian Assistance sought to raise $73 million. In brief. Explore. 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. 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. Mr Moreno gave in and scrapped the decree. 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. Menu. A series of loan deals should also help breathe life into Ecuador’s sluggish economy. [47] In January 2009, the Central Bank of Ecuador (BCE) put the 2010 growth forecast at 6.88%. 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. [22] The country is substantially dependent on its petroleum resources. 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. [31] Since the late '60s, the exploitation of oil increased production and reserves are estimated at 4.036 million barrels[32], In the agricultural sector, Ecuador is a major exporter of bananas (first place worldwide in production and export), flowers, and the eighth largest producer of cocoa. The average applied tariff rate is 7.0 percent, and 281 nontariff measures are in force. Government spending has amounted to 37.5 percent of the country’s output (GDP) over the past three years, and budget deficits have averaged 4.6 percent of GDP. Ecuador’s economy returned to positive, but sluggish, growth. Other taxes include value-added and inheritance taxes. Tue 27 Aug 2019 10.02 EDT ... administration and the fund are implicated in the political repression as well as the broader attempt to reconvert Ecuador into the kind of economy … An attendant shows an automotive product to a driver in front of a display with new fuel prices at a gas station in Quito, Ecuador, Tuesday, Oct. 15, 2019. On June 11, 2019, the World Bank Board of Directors approved the 2019-2023 Country Partnership Framework (CPF) with Ecuador.This document establishes. Ecuador is substantially dependent on its petroleum resources, which accounted for about a third of the country's export earnings in 2017. 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. 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 … In 1999/2000, Ecuador suffered a severe economic crisis, with GDP contracting by 5.3%. [49] 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 … May 12, 2020. Ecuador: Economic activity drops at sharpest rate since August 2016 in March. 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. [20] In 2017, remittances constituted 2.7% of country's GDP. South Georgia and the South Sandwich Islands, adopt the U.S. dollar as the official currency, List of Latin American and Caribbean countries by GDP growth, List of Latin American and Caribbean countries by GDP (nominal), List of Latin American and Caribbean countries by GDP (PPP), "World Economic Outlook Database, April 2019", "World Economic Outlook Database, October 2019", "Poverty headcount ratio at national poverty lines (% of population) - Ecuador", "Poverty headcount ratio at $5.50 a day (2011 PPP) (% of population) - Ecuador", "GINI index (World Bank estimate) - Ecuador", "Inequality-adjusted Human Development Index (IHDI)", "Employment to population ratio, 15+, total (%) (national estimate) - Ecuador", "Total reserves (includes gold, current US$)", "OEC - Ecuador (ECU) Exports, Imports, and Trade Partners", "Personal remittances, received (% of GDP) | Data", "Ecuador's economy to contract by 0.5 pct this year, IMF says", "Ecuador unlikely to nationalize oil sector", "Ecuador first-half trade surplus rises to $390 mln", Mapping for Results – Ecuador, Latin America & Caribbean, Ecuador: Evolucion de la Balanza Comercial, South American Community Nations – Andean Community -CAN, Profile: Mercosur – Common Market of the South, UNASUR (South American organization) – Britannica Online Encyclopedia, "Public Information Notice: IMF Executive Board Concludes 2007 Article IV Consultation with Ecuador", Ecuador student loan program increases funding for overseas study, "Ecuador Inflation rate (consumer prices)", Yahoo! 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