A slowdown in 2023
C4
HIGH RISK
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Economic risk
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Business environment risk
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Political risk
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Commercial risk
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Financing risk
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Economic risk
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Business environment risk
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Political risk
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Commercial risk
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Financing risk
Updated in January 2024.
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GDP | USD115.0bn (World ranking 63, World Bank 2022) |
Population | 18.0mn (World ranking 66, World Bank 2022) |
Form of state | Presidential Republic |
Head of government | Daniel Noboa (President) |
Next elections | 2025, presidential and legislative |
Strengths & Weaknesses
![Strenghts](/en_global/economic-research/country-reports/Ecuador/_jcr_content/root/parsys/wrapper/wrapper/multi_column_grid_co/grid-0-par/wrapper_copy_copy/wrapper/image.img.82.3360.png/1720687529774/plus.png)
- Significant oil reserves
- Unexploited mining resources
- Dollarization of the economy limits transfer and currency risk and anchors inflation
- Recently improved road network
- Major exporter of bananas, cocoa and palm oil
- High tourism potential linked to biodiversity
![Weaknesses](/en_global/economic-research/country-reports/Ecuador/_jcr_content/root/parsys/wrapper/wrapper/multi_column_grid_co/grid-1-par/wrapper_copy/wrapper/image.img.82.3360.png/1720687542983/minus.png)
- Dependence on oil production and high vulnerability to global oil prices
- Monetary policy limited by dollarization
- Low level of FX reserves
- Limited access to international capital markets due to successive debt defaults
- High rates of informal employment
- Rise in violence linked to gangs, organized crime and political crises
Economic Overview
Trade structure by destination/origin
(% of total, 2022)
Exports | Rank | Imports |
---|---|---|
United States
24.2%
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1 |
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China
22.1%
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2 |
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Panama
11.0%
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3 |
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Chile
5.4%
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4 |
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Russian Federation
3.8%
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5 |
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Trade structure by product
(% of total, 2022)
Exports | Rank | Imports |
---|---|---|
Petroleum, petroleum products and related materials
35.2%
|
1 |
19.4%
Petroleum, petroleum products and related materials
|
Fish, crustaceans, molluscs and preparations thereof
26.3%
|
2 |
7.2%
Road vehicles
|
Vegetables and fruits
15.6%
|
3 |
4.7%
Iron and steel
|
Metalliferous ores and metal scrap
4.8%
|
4 |
4.5%
Medicinal and pharmaceutical products
|
Crude animal and vegetable materials, n.e.s.
3.8%
|
5 |
4.3%
Other industrial machinery and parts
|
Contacts
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