Ecuador has substantial oil resources and rich
agricultural areas. Because the country exports primary products such
as oil, bananas, and shrimp, fluctuations in world market prices can
have a substantial domestic impact. Ecuador joined the World Trade
Organization in 1996, but has failed to comply with many of its
accession commitments. In recent years, growth has been uneven due to
ill-conceived fiscal stabilization measures. The aftermath of El Nino
and depressed oil market of 1997-98 drove Ecuador's economy into a
free-fall in 1999. The beginning of 1999 saw the banking sector
collapse, which helped precipitate an unprecedented default on
external loans later that year. Continued economic instability drove a
70% depreciation of the currency throughout 1999, which eventually
forced a desperate government to dollarize the currency regime in
2000. The move stabilized the currency, but did not stave off the
ouster of the government. The new president, Gustavo NOBOA has yet to
complete negotiations for a long sought IMF accord. He will find it
difficult to push through the reforms necessary to make dollarization
work in the long-run.

purchasing power parity - $54.5 billion (1999 est.)

-8% (1999 est.)

purchasing power parity - $4,300 (1999 est.)

agriculture: 14%
industry: 36%
services: 50% (1999 est.)

50% (1999 est.)

lowest 10%: 2.3%
highest 10%: 37.6% (1994)

59.9% (1999 est.)

4.2 million

agriculture 30%, industry 25%, services
45% (1999 est.)

12% with widespread underemployment (November 1998
est.)

revenues: planned $5.1 billion (not including revenue from potential
privatizations)
expenditures: $5.1 billion including capital expenditures of $NA
(1999)

petroleum, food processing, textiles, metal work, paper
products, wood products, chemicals, plastics, fishing, lumber

2.4% (1997 est.)

9.657 billion kWh (1998)

fossil fuel: 27.96%
hydro: 72.04%
nuclear: 0%
other: 0% (1998)

8.981 billion kWh (1998)

0 kWh (1998)

0 kWh (1998)

bananas, coffee, cocoa, rice, potatoes, manioc
(tapioca), plantains, sugarcane; cattle, sheep, pigs, beef, pork,
dairy products; balsa wood; fish, shrimp

$4.1 billion (f.o.b., 1999)

petroleum, bananas, shrimp, coffee, cocoa, cut
flowers, fish

US 39%, Colombia 7%, Italy 6%, Peru 5%, Chile 3%
(1998)

$2.8 billion (c.i.f., 1999)

machinery and equipment, raw materials, fuels;
consumer goods

US 39%, Colombia 11%, Japan 9%, Venezuela 5%,
Mexico 3% (1998)

$15.3 billion (1999)

$695.7 million (1995)

1 sucre (S/) = 100 centavos

sucres (S/) per US$1 - 24,860.7 (January 2000),
11,786.8 (1999), 5,446.6 (1998), 3,988.3 (1997), 3,189.5 (1996),
2,564.5 (1995)

calendar year