You are here -allRefer - Reference - Country Study & Country Guide - Ecuador >

allRefer Reference and Encyclopedia Resource

allRefer    
allRefer
   


-- Country Study & Guide --     

 

Ecuador

 
Country Guide
Afghanistan
Albania
Algeria
Angola
Armenia
Austria
Azerbaijan
Bahrain
Bangladesh
Belarus
Belize
Bhutan
Bolivia
Brazil
Bulgaria
Cambodia
Chad
Chile
China
Colombia
Caribbean Islands
Comoros
Cyprus
Czechoslovakia
Dominican Republic
Ecuador
Egypt
El Salvador
Estonia
Ethiopia
Finland
Georgia
Germany
Germany (East)
Ghana
Guyana
Haiti
Honduras
Hungary
India
Indonesia
Iran
Iraq
Israel
Cote d'Ivoire
Japan
Jordan
Kazakhstan
Kuwait
Kyrgyzstan
Latvia
Laos
Lebanon
Libya
Lithuania
Macau
Madagascar
Maldives
Mauritania
Mauritius
Mexico
Moldova
Mongolia
Nepal
Nicaragua
Nigeria
North Korea
Oman
Pakistan
Panama
Paraguay
Peru
Philippines
Poland
Portugal
Qatar
Romania
Russia
Saudi Arabia
Seychelles
Singapore
Somalia
South Africa
South Korea
Soviet Union [USSR]
Spain
Sri Lanka
Sudan
Syria
Tajikistan
Thailand
Turkmenistan
Turkey
Uganda
United Arab Emirates
Uruguay
Uzbekistan
Venezuela
Vietnam
Yugoslavia
Zaire

Ecuador

ECONOMY

Gross Domestic Product (GDP): US$9.4 billion in 1989, or US$940 per capita. Substantial economic growth in 1970s following discovery of new petroleum fields in Oriente and international price increases for petroleum. Increased external debt, lowered petroleum prices, devastation from floods and earthquake, and economic mismanagement combined to produced serious economic problems during 1980s. GDP declined by 5.2 percent in 1987, increased by 8 percent in 1988, and grew by only 1 percent in 1989.

Agriculture: Including livestock raising, forestry, and fishing, almost 18 percent of GDP in 1987. Sector employed about 35 percent of nation's workforce in 1987.

Natural Resources and Energy: Petroleum and mining accounted for 8 percent of GDP in 1987. Nation had 1.6 million barrels of proven oil reserves, vast majority of which found in Oriente. Abundant natural gas reserves in Oriente and in Gulf of Guayaquil.

Industry: About 17 percent of GDP in 1987. Food processing and textile manufacturing most important components of industry sector. Nearly 10 percent of labor force employed in industry in 1987. Vast majority of firms had fewer than five workers.

Services: Accounted for nearly 50 percent of GDP and 24 percent of labor force in 1987. Wholesale and retail trade, financial services, and transportation and communications most important segments.

Imports: Totalled almost US$2.1 billion in 1987. Imports consisted primarily of raw materials and capital goods for industry, foods and lubricants, transportation equipment, durable consumers goods, and non-durable consumer goods. Major suppliers of imports were United States, Japan, the Federal Republic of Germany (West Germany), and Brazil.

Exports: Totalled US$2.3 billion in 1989. Petroleum generated half of all export revenues; other major exports included shrimp, bananas, coffee, and cacao. Over 60 percent of exports in 1987 destined for United States.

Balance of Payments: Chronic current-account deficits during late 1980s, although deficit reduced from nearly US$1.2 billion in 1987 to US$500 million in 1989. External debt reached US$11.3 billion in 1989.

Exchange Rate: Sucre (S/) pegged to United States dollar during 1980s but devalued numerous times during 1980s. Official rate averaged S/526=US$1 in 1989.

Fiscal Year: Calendar Year.

Fiscal Policy: Upon assuming presidency in 1988, Rodrigo Borja Cevallos (1988- ) inherited a rapidly deteriorating economy characterized by growing fiscal deficit, rapid monetary expansion, capital flight, and excessive government spending. Borja implemented economic austerity measures that included sharp currency devaluation, tax increases, import restrictions, government spending reductions, and substantial increases in fuel prices and electricity rates.

Data as of 1989

Ecuador - TABLE OF CONTENTS

  • COUNTRY PROFILE

  • Go Up - Top of Page

    Make allRefer Reference your HomepageAdd allRefer Reference to your FavoritesGo to Top of PagePrint this PageSend this Page to a Friend


    Information Courtesy: The Library of Congress - Country Studies


    Content on this web site is provided for informational purposes only. We accept no responsibility for any loss, injury or inconvenience sustained by any person resulting from information published on this site. We encourage you to verify any critical information with the relevant authorities.

     

     

     
     


    About Us | Contact Us | Terms of Use | Privacy | Links Directory
    Link to allRefer | Add allRefer Search to your site

    allRefer
    All Rights reserved. Site best viewed in 800 x 600 resolution.