Indicators of economy in Ecuador
The essential economic performance of a country is reflected by the gross domestic product, the total of all goods and services sold. Worldwide gross domestic product in 2021 was at about 12,232 USD per capita. GDP in Ecuador, on the other hand, reached USD 5,965 per capita, or 106.17 billion USD for the whole country. Ecuador is therefore currently ranked 64 of the major economies. If this is calculated per inhabitant, taking purchasing power parity into account, then Ecuador ranks 112nd in the list of the richest countries.Inflation in Ecuador in 2021 was around 0.13%. Within the EU, the average in the same year was 2.55 percent. In the United States, it was most recently 4.70%.
The index for perceived corruption in the public sector is 36, which is below average by global standards.
Back to overview: Ecuador
Impact of the COVID-19 pandemic
The consequences of the COVID pandemic were not insignificant in Ecuador 2020. Overall, gross domestic product in 2020 fell from 108.11 billion US dollars to 99.29 billion US dollars. With a drop of 8.2 percent, the economy in Ecuador suffered more significant losses than other countries. The tourism sector alone slumped by around 69 percent. The unemployment rate rose from 3.8 to 6.1 percent. The inflation rate fell from 0.3 percent previously to -0.3 percent by the end of 2020.In 2021, there was already a recovery and the gross domestic product increased to 106.17 billion US dollars (=98.2% of 2019).
Income and purchasing power
The average monthly income in Ecuador is 497 US Dollar per capita. In the USA, the figure is 5,911 US Dollar. However, the prices of consumer goods are also around 48.1 percent lower than in the USA. If you compare income and price levels, the result is a more expensive life in Ecuador than in the United States. The bottom line is that the costs do not offset the lower income, and you get about 83.8 percent less.However, it is also important to remember that this is a purely statistical model. Both the labor output and the type and quality of the goods received always correspond to the national average on both sides of the equation - so they do not necessarily have to match. Here you can also find an international comparison of cost of living and purchasing power.
Unemployment rates in percentages 1991 - 2021
Economic performance 2021
Ecuador Total | Ecuador per capita | EU Total | EU per capita | |
---|---|---|---|---|
GDP | 106.17 bn USD | 5,965.13 USD | 17.177 tn USD | 33,384.92 USD |
Gross national product | 106.04 bn USD | 5,958.18 USD | 16.895 tn USD | 32,835.37 USD |
In the Global Innovation Index, Ecuador ranked 98th in 2022 with 20.3 points. The index is calculated annually by the World Intellectual Property Organization (WIPO) and most recently included 132 countries. The top country was Switzerland with 64.6 points.
Development of gross domestic product in billions of USD 1960 - 2021
› Debt budget development
› Development of inflation
› Corruption in Ecuador
› Cost of living in a global comparison
› Development of inflation
› Corruption in Ecuador
› Cost of living in a global comparison
Imports and Exports 2021
Ecuador Total | Ecuador per capita | EU Total | EU per capita | |
---|---|---|---|---|
Imports | 28.51 bn USD | 1,602.01 USD | 8.916 tn USD | 17,329.02 USD |
Exports | 29.35 bn USD | 1,649.16 USD | 9.554 tn USD | 18,569.19 USD |
Development of imports and exports in billions of USD 1976 - 2021
Exports
Imports