Ecuador's economy is dependent on petroleum production and exportation of agricultural commodities.

(Source: Heritage.org)

Gross odmestic product (GDP)

Ecuador’s GDP grew continually from 2005 to 2009.

(Source:Central Bank, page: 5)

GDP growth rate

GDP growth rate fell sharply from 7.24% in 2008 to 0.36% in 2009. In 2010 (Q3), the rate is registered at 1.6%.

(Source:Central Bank, page: 10)

Gross national income (GNI)

(Source: Worldbank.org)

In 2009, Ecuador’s Gross National Income (GNI) per capita was USD 8,100.

Tax rates

Ecuador has a progressive income tax system. Individual income tax rate is 35% and corporate income tax is 25%. The VAT rate in the country is 12%.

(Source: Tax Rates)

Personal income tax

(Source: Tax Rates)

Inflation

(Source:National Statistics, page: 21)

Inflation rate fluctuated from 2005 to 20103.

Foreign direct investment (FDI)

Ecuador’s FDI inflow has fluctuated, with the highest FDI in 2008 at USD 1,005.4 million.

(Source: Central Bank)

Central bank assets

Net foreign steadily increased from 2005 to 2009. Net domestic assets showed rising deficits till 2008. In 2009, foreign and domestic assets were registered at USD 8,210.80 million and USD 5,455.70 million respectively.

(Source: Central Bank)

Consumer price index

Ecuador’s CPI increased from 127.17 to 130.59 in February 2011.

(Source:National Statistics, page: 5)

Interest rate

As of 2011, interest rates are recorded at 4.60%, 0.87% and 0.23% on time deposits, monetary deposits and repo operations respectively.

(Source: Central Bank)

Money supply

According to Central Bank of Ecuador, Money supply was: (M1) in 2009 (Aug) was USD 8,201.40 million and (M2) at USD 17,023.40 million.

(Source: Central Bank)

Total expenditure

Total Expenditure steadily increased from 2005 to 2008. In 2010, the amount was projected to be USD 9,968.1 million.

(Source: Central Bank) p = projected

Exchange rate

Since 2000, Ecuador’s currency is the US dollar (USD).

(Source: State.Gov)

(Source: US Federal Reserve)

From 2008 to 2010, the Euro experienced steady depreciation against the US dollar, Ecuador’s currency.

Government finances

Fiscal balance

Fiscal balance declined from a surplus of USD 317.6 million in 2006 to a deficit of USD 2,635.0 million in 2009. However, in 2010 there was a return to surplus, specifically USD 576.9 million.

(Source: Central Bank) p = projected

Total revenue

In 2010 the total revenue of Ecuador was projected to reach USD 10,545.0 million.

(Source: Central Bank) p = projected

Tax revenue

The country’s total tax revenue for 2010 comprised 16% of the GDP.

(Source: heritage.org)

Current account balance

(Source: Central Bank)

Current account balance declined steadily from 2007 to 2010. In Q2 2010, current account deficit was USD 213.3 million.

Balance of payments

In Q2 2010, balance of payments was USD 86.2 million.

(Source: Central Bank)

Labour force

The labour force rose from 2005 to 2009.

(Source:WorldBank.org)

Participation rate

The labour force participation rate in Ecuador reached 45.8% in 2010.

(Source: National Statisticss, page: 3)

Unemployment rate

Ecuador’s unemployment rate increased from 5% in 2007 to 6.5% in 2009. However, the rate declined again reaching, in 2010, the rate of 5%.

(Source: National Statisticss, page: 3)

Minimum wage

In 2009, minimum wage in Ecuador was USD 240 per month.

(Source: Minimum Wage.org)

Level of unionisation

Confederación Ecuatoriana de Organizaciones Clasistas Unitarias de Trabajadores is the trade union centre in Ecuador.

Only workers under the Labour Code are permitted to strike. Additionally, private sector strikes can be held only at the factory or enterprise level.

(Source: ituc-csi.org)

The Republic of Ecuador is a democratic republic.  

The government consists of an Executive branch, a Legislature and a Judiciary.

The president holds the ultimate executive powers. Both the president and vice-President have a term of four years.

The country has a unicameral National Congress comprising of 100 members elected through voting.

Mr. Rafael Correa is the current president of Ecuador.

(Source: Ecuador Politics,bbc)

Regulatory environment

(Source: Heritage.org)

Ecuador economic freedom score is 47.1, making its economy it the 158^th freest in the 2011 Index of Economic Freedom. Ecuador ranks 27^th out of the 29 countries in the South and Central America/Caribbean region.

(Source: Heritage.org)

Corruption perception

The Corruption Perceptions Index (CPI) is a survey to measure the perceived level of corruption across countries worldwide. Ecuador is ranked 127^th on this list with a score of 2.5. This indicates the moderate level of corruption that prevails in the country.

(Source: transperency.org)

Freedom of information

Media in Ecuador is mainly operated by private owners. Radio is a commonly used medium of entertainment.

(Source: bbc)

World Press Freedom Index 2010 ranks Ecuadorat 102^nd with a score of 27.50, which indicates that media in Ecuador is restricted.

(Source:rsf.org)

Press

• El Comercio (daily Published)
• Hoy (daily Published) 
• El Tiempo  (daily Published)
• La Hora (published daily at evening by regional editions)
• El Telegrafo (published daily)
• El Universo (published daily in Guayaquil-based)
• Expreso (published daily in Guayaquil-based)
• El Financiero (published by economic weekly)

Television

• TC Television (private)
• Ecuavisa (private)
• Telesistema (private)
• Gamavision (private)
• Teleamazonas (private)
• ETV Telerama (private)

Radio

• Radio Vision (private owned by Quito and Guayaquil)
• Radio Quito [private owned by mediumwave (AM)]
• Cadena Radial Ecuatorians (CRE) (private owned by Guayaquil-based network)
• Radio Centro (private owned)
• Radio Sucre (private owned by national mediumwave (AM) news and information network)

(Source: bbc)

Judicial system

Judicial power lies with the Judiciary, which is a governing authority independent of the executive and the legislature.

The judiciary consists of:

• Supreme Court of Justice
• Fiscal Tribunal
• Contentious Administrative Tribunal

(Source: Ecuador Politics)

Population

Ecuador’s total population for 2010 was about 14.31 million.

(Source: imf.org)

Gender ratio

The country’s gender ratio was recorded at 104.4 (men per 100 women) in 2010.

(Source: undp, page: 181) 

In 2009, the population below 14 years of age constituted 31.1%.  While, those above 60 years of age make up 9.7% of total population.

(Source: un.org)

Mortality rate

Mortality rate of infants was registered at 20 (per '000 live births) in 2009. Total mortality rate in the country, for 2009, was 5 per thousand people.

(Source: WorldBank.org)

Average life expectancy rate

Average life expectancy in Ecuador for men was 72 years and females, 78 years, in 2008.

(Source: WorldBank.org)

Birth rate

In 2009, crude birth rate was registered at 20 per thousand populations.

(Source: unicef.org)

Migration

International migrant stock till mid 2010 was recorded at 393,600 people, comrpising 2.9% of the population.

(Source: un.org)

Ethnicity

The main ethnic groups in Ecuador are: Mestizo, Caucasian and African.

(Source: un.org)

Human development index (HDI)

The country is ranked 77^th on United Nation’s Human Development Index, allowing it to fall into the category of ‘High Human Development.’ HDI integrates a country’s life expectancy, schooling and income. This signifies the overall social and economic development of a nation.

(Source: undp.org, page: 146)

Education

The Ministry of Education is the governing authority responsible for operating the national education, formulation and implementation of cultural and sport policies, and scientific and technological development.

The principles of the education system of Ecuador is spelled out in to three basic documents: The New Constitution (2008), The Law on Education and Culture (1983), and The National Teaching Profession Act and Scales National Teachers (1990).

Education is a right of the individual as specified by the Constitutional Act 2008 and but it is also the unavoidable duty of the state of Ecuador.

The education System of Ecuador is divided in four types: Pre-primary Education, Primary Education, Secondary Education and Higher Education.

In 2010, the country’s literacy rate was registered at 91%.

(Source: unesco.org, undp.org)

Health

Ministry of Public Health is the governing body responsible for health and welfare issues of the nation.

Health care services are provided by public and private institutions as well as non-profit organisations. This network of institutions is coordinated by the National Health Council.

The public subsector is comprised of the Ministry of Public Health, National Child and Family Institute, Public Health Service of the Armed Forces and Police, the IESS, and the Ministry of Social Welfare. Private organisations include the following: Guayaquil Child Protection Society, Guayaquil Welfare Board and Society to Combat Cancer.

The public subsector focuses on the healthcare needs of around 59% of the population. Ministry of Public Health covers approximately 31% of the population; Society to Combat Cancer, the Guayaquil Welfare Board, and other non-profit private institutions cover 10%; the Armed Forces and Police cover 1%; social security cover 18%; and various private for-profit enterprises cover 10%; and the remaining 30% do not receive any formal medical care.

(Source: paho.org)

Ports

There are nine sea ports in Ecuador: Bahia De Caraquez, Balao, Portuaria de Esmeraldas, Tepre, Guayaquil, La Libertad, Manta, Puerto Bolivar and San Lorenzo.

(Source:World Port Source)

Airports

There are 27 airports in Ecuador.

(Source: Aircraft Charter)

Telecommunication

Fixed Telephone Lines

In 2009, number of fixed telephone line users in Ecuador was recorded at 2,004,228.

(Source: itu.int)

Mobile cellular subscriptions

In 2009, number of mobile cellular subscription users in Ecuador was recorded at 13,634,768.

(Source: itu.int)

Approximately 2,359,710 out of 14,790,608 people, i.e. 16% of population used the Internet in 2010. From 2000 to 2010, Internet users grew by 1,211%.

(Source: Internet World Stats)