| variable | 1980-1989 | 1990-1999 | 2000-2007 | 2008-2009 | 2010-2019 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| real gdp growth | 2.18 | 2.3 | 4.62 | 2.55 | 2.31 | 1.8 | -1.9 | 3.7 | 2.5 | 2.5 |
| CPI % | 37.51 | 43.78 | 9.63 | 4.4 | 2.18 | 2.2 | 1.5 | 0.7 | 2.9 | 1.6 |
| Unemployment rate | 7.0 | 8.46 | 7.69 | 5.75 | 4.37 | 3.6 | 3.4 | 3.1 | 3.1 | 3.1 |
| Debt/GDP % | - | - | 41.2 | 19.05 | 38.46 | 54.5 | 54.1 | 54.4 | - | - |
| Current account balance/GDP % | -4.45 | -1.9 | 0.27 | -0.9 | -0.41 | 2.0 | 5.7 | 5.8 | 5.2 | 4.6 |
Data derived from World Economic Outlook Database. To see main macroeconomic indicator in graphs click here
What is now Ecuador formed part of the northern Inca Empire until the Spanish conquest in 1533. Quito -- the traditional name for the area -- became a seat of Spanish colonial government in 1563 and part of the Viceroyalty of New Granada in 1717. The territories of the Viceroyalty -- New Granada (Colombia), Venezuela, and Quito -- gained their independence between 1819 and 1822 and formed a federation known as Gran Colombia. When Quito withdrew to become an independent republic in 1830, the traditional name was changed to the "Republic of the Equator." Between 1904 and 1942, Ecuador lost territories in a series of conflicts with its neighbors. A border war with Peru that flared in 1995 was resolved in 1999. Although Ecuador has had nearly 50 years of civilian governance, the period has been marked by political instability.
Area: 283,561 sq km km2
Climate: tropical along coast, becoming cooler inland at higher elevations; tropical in Amazonian jungle lowlands
Natural resources: petroleum, fish, timber, hydropower
Groups: Mestizo (mixed Indigenous and White) 77.5%, Montubio 7.7%, Indigenous 7.7%, White 2.2%, Afroecuadorian 2%, Mulatto 1.4%, Black 1.3%, other 0.1% (2022 est.)
Languages: Spanish (Castilian; official) 98.6%, indigenous 3.9% (Quechua 3.2%, other indigenous 0.7%), foreign 2.8%, other 0.6% (includes Ecuadorian sign language) (2022 est.)
Religions: Roman Catholic 68.2%, Protestant 19% (Evangelical 18.3%, Adventist 0.6%, other Protestant 0.2%), Jehovah's Witness 1.4%, other 2.3%, none 8.2% don't know/no response 1% (2023 est.)
Capital: Quito
Government type: presidential republic
Chief of state: President Daniel NOBOA Azin (since 23 November 2023)
Head of government: President Daniel NOBOA Azin (since 23 November 2023)
Description: National Assembly (Asamblea Nacional) - unicameral
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
petroleum, food processing, textiles, wood products, chemicals
GDP by sector: Agriculture: 9.5% (2024 est.), Industry: 26.5% (2024 est.), Services: 57.2% (2024 est.)
Export partners: USA 22%, China 21%, Panama 12%, Japan 3%, Peru 3% (2023)
Export commodities: crude petroleum, shellfish, bananas, fish, gold (2023)
Import partners: USA 27%, China 20%, Colombia 7%, Brazil 4%, Peru 4% (2023)
Import commodities: refined petroleum, coal tar oil, cars, packaged medicine, plastics (2023)
Western South America, bordering the Pacific Ocean at the Equator, between Colombia and Peru
Military expenditure: 2024: 2.2% of GDP (2024 est.)
Information derived from worldfactbook.io (Lupon Media), open successor to the CIA World Factbook. Data sourced from World Bank, IMF, UN and other international organizations.