Ecuador

Country Summary

Introduction

Background

Ecuador was a successor country following the collapse of Gran Colombia in 1830. Between 1904 and 1942, Ecuador lost territory in conflicts with its neighbors. The country has been politically unstable for much of its recent history, with 20 constitutions since gaining independence. On 8 January 2024, President NOBOA declared a 60-day state of emergency.

Geography

Area

total: 283,561 sq km
land: 276,841 sq km
water: 6,720 sq km

Climate

tropical along coast, becoming cooler inland at higher elevations; tropical in Amazonian jungle lowlands

Natural resources

petroleum, fish, timber, hydropower

People and Society

Population

17,483,326 (2023 est.)

Ethnic groups

Mestizo (mixed Amerindian and White) 71.9%, Montubio 7.4%, Amerindian 7%, White 6.1%, Afroecuadorian 4.3%, Mulatto 1.9%, Black 1%, other 0.4% (2010 est.)

Languages

Spanish (Castilian) 93% (official), Quechua 4.1%, other indigenous 0.7%, foreign 2.2%; note - (Quechua and Shuar are official languages of intercultural relations; other indigenous languages are in official use by indigenous peoples in the areas they inhabit) (2010 est.)

Religions

Roman Catholic 68.8%, Evangelical 15.4%, Adventist 1.2%, Jehovah's Witness 1%, other 1.3%, agnostic or atheist 1.4%, none 10.1%, don't know/no response 1% (2020 est.)

Population growth rate

0.99% (2023 est.)

Government

Government type

presidential republic

Capital

name: Quito

Executive branch

chief of state: President Daniel NOBOA Azin (since 23 November 2023); Vice President Verónica ABAD Rojas (since 23 November 2023); the president is both chief of state and head of government
head of government: President Daniel NOBOA Azin (since 23 November 2023); Vice President Verónica ABAD Rojas (since 23 November 2023)

Legislative branch

description: unicameral National Assembly or Asamblea Nacional (137 seats; 116 members directly elected in single-seat constituencies by simple majority vote, 15 members directly elected in a single nationwide constituency by open-list proportional representation vote, and 6 directly elected in multi-seat constituencies for Ecuadorians living abroad by simple majority vote; members serve 4-year terms); note - all Assembly members have alternates from the same party who cast votes when a primary member is absent, resigns, or is removed from office

Economy

Economic overview

highly informal South American economy; USD currency user; major banana exporter; hard hit by COVID-19; macroeconomic fragility from oil dependency; successful debt restructuring; China funding budget deficits; social unrest hampering economic activity

Real GDP (purchasing power parity)

$189.88 billion (2021 est.)
$182.165 billion (2020 est.)
$197.549 billion (2019 est.)

Real GDP per capita

$10,700 (2021 est.)
$10,400 (2020 est.)
$11,400 (2019 est.)

Agricultural products

sugar cane, bananas, milk, oil palm fruit, maize, rice, plantains, poultry, cocoa, potatoes

Industries

petroleum, food processing, textiles, wood products, chemicals

Exports

$29.325 billion (2021 est.)
$22.401 billion (2020 est.)
$26.12 billion (2019 est.)

Exports - partners

United States 30%, China 13%, Panama 8%, Chile 7% (2019)

Exports - commodities

crude petroleum, shrimp, bananas, refined petroleum, tuna (2021)

Imports

$28.567 billion (2021 est.)
$19.877 billion (2020 est.)
$25.89 billion (2019 est.)

Imports - partners

United States 22%, China 18%, Colombia 9%, Panama 5% (2019)

Imports - commodities

refined petroleum, coal tar oil, cars, packaged medicines, soybean products (2019)

Exchange rates

1 (2021 est.)
1 (2020 est.)
1 (2019 est.)
1 (2018 est.)
1 (2017 est.)


Page last updated: Thursday, February 22, 2024