The economy of the Ecuador is largely based on raw material exports like the Pétrole, which constitutes approximately 50% of the budget, and from the Banane S. Because of the weak diversification of its exports and its dependence vis-a-vis exports, the money re-entries in the cases of the State vary largely with the variations of the courses of these products.
AgricultureCultivable surfaces are located mainly on the Sierra and on the Costa , agriculture occupies approximately a third of the active population. The Banane S are the principal culture and constitute an essential share of exports (6th world rank).
The productions of Cane to sugar, of Corn, Rice, potatoes, Coffee, Cocoa (7th world rank) and of Citron are also important.
Ecuador exploits also the bark of Palétuvier, the rubber as well as the balsa wood of which it is one of the first producer mondiaux.
On the level of fishing, Ecuador exploits its reserves of Thon and Crevette
IndustryEcuador is a country mining and oil, it also has a great hydroelectric potential, its electrical production represents approximately 10 billion kWh per annum.
Ecuadorian industry rests primarily on the Agroalimentaire, the Textile, the oil industry, chemistry, the Métallurgie and the derivative products of wood.
Natural resourcesThe Amazon forest is one of the main resources of Ecuador, it covers most of the territoire.
The other resources of the country are oil and the Natural gas, the Minerai S of Or, of money, coal, Plomb, Zinc, Cuivre, Fer and Soufre. The country exploits also the salt.
The country of the relatively important reserves oil (see the article concerned) and exports 126 000 barrels of Oil per day (March 2003) mainly towards the the United States. The receipts for the government come from several sources:
Petroecuador : state enterprise
- Taxes on the concessions
- Taxes on exports
TourismEcuador is a very tourist country with the Galapagos Islands (where tourism is very regulated), with colonial the pre-Colombians cities or, as well as the chains of volcanos where many sports like the Rafting.
Inflation considerably decreased between April 2001 and at the end of March 2003. Indeed, the Inflation passed from 46,6% at the beginning of April 2001 with 9,2% at the end of March 2003, and at the end of March 2002 it was of 13,2%.
During the first 3 months of 2003, inflation had remained around 9 10%. Thus, it was of 9,36% at the end of December 2002, 10,10% at the end of January 2003, 9,8% at the end of February and 9,2% at the end of March.
History of inflation
The January 9th 2000, the President Jamil Mahuad announced its decision to adopt the dollar like official currency in the country to fight against the economic crisis. Protests took place and involved its resignation, it was replaced by its vice-president, Gustavo Noboa. This dollarisation is one of the leading cause (with corruption) of the current economic crisis and the inflation of the country
Inflation in Ecuador
PopulationThe population suffers from this inflation, on the 13 million inhabitants, the number of phone lines is of approximately a million, that of cellphones of 160.000, the country counts 4,15 radios million, 1,55 televisions million or 30.000 users of Internet divided between 13 suppliers of access Internet.
According to the various estimates, approximately 70% of the population live in lower part of the Poverty line.
EquipmentEcuador had in 1999 43.197 km of roads including 8.165 tarred km, 965 km of railways, 1.500 km of inland waterways, like 180 airports including 59 with tarred tracks.
FiguresGNP of Ecuador east of 23 billion dollars, which accounts for 1.790 dollar per capita. GDP of the country is of 39,3 billion dollars. The growth of the GDP is of 4,3%. The country exports for 7.538 million dollars and imports for 7.861 million dollars (in 2004), with the result that the trade balance is negative. Moreover the foreign debt of the country is approximately 10.9 billion dollars.
The share of agriculture in the economy is of 14%, that of the industry of 36% and that of the services of 50% according to an estimate of 1999.
To try to dam up this lack of money, the country received 96 million dollars the December 10th 2001 on behalf of the the IMF, with 300 million dollar on standby. In February 2003, the new president Lucio Gutiérrez took into account in the budget, the refunding of this debt by using the oil potential.
- http://www.bce.fin.ec/: Central bank
- http://www.hoy.com.ec/ daily newspaper
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