Читать книгу The 2009 CIA World Factbook - United States. Central Intelligence Agency - Страница 455

consulate(s) general: Guayaquil

Flag description:

three horizontal bands of yellow (top, double width), blue, and red with the coat of arms superimposed at the center of the flag; similar to the flag of Colombia, which is shorter and does not bear a coat of arms

Economy ::Ecuador

Economy - overview:

Ecuador is substantially dependent on its petroleum resources, which have accounted for more than half of the country's export earnings and one-fourth of public sector revenues in recent years. In 1999/2000, Ecuador suffered a severe economic crisis, with GDP contracting by more than 6%. Poverty increased significantly, the banking system collapsed, and Ecuador defaulted on its external debt later that year. In March 2000, Congress approved a series of structural reforms that also provided for the adoption of the US dollar as legal tender. Dollarization stabilized the economy, and positive growth returned in the years that followed, helped by high oil prices, remittances, and increased non-traditional exports. From 2002–06 the economy grew 5.5%, the highest five-year average in 25 years. The poverty rate declined but remained high at 38% in 2006. In 2006 the government imposed a windfall revenue tax on foreign oil companies, leading to the suspension of free trade negotiations with the US. These measures led to a drop in petroleum production in 2007. President Rafael CORREA raised the specter of debt default and followed through on those threats in December 2008 by defaulting on some commercial bond obligations. He also decreed a higher windfall revenue tax on private oil companies, then renegotiated their contracts to overcome the debilitating effect of the tax. This generated economic uncertainty; private investment has dropped and economic growth has slowed.

GDP (purchasing power parity):

$108 billion (2008 est.) country comparison to the world: 65 $101.4 billion (2007 est.)

$98.93 billion (2006 est.)

note: data are in 2008 US dollars

GDP (official exchange rate):

$54.69 billion (2008 est.)

GDP - real growth rate:

6.5% (2008 est.) country comparison to the world: 46 2.5% (2007 est.)

3.9% (2006 est.)

GDP - per capita (PPP):

$7,500 (2008 est.) country comparison to the world: 123 $7,200 (2007 est.)

$7,100 (2006 est.)

note: data are in 2008 US dollars

GDP - composition by sector: