Country Summary: Ecuador (Republic of Ecuador)
Country Name: Ecuador (Republic of Ecuador)
Capital: Quito
Government Type: presidential republic
Background: What is now Ecuador formed part of the northern Inca Empire until the Spanish conquest in 1533. Quito became a seat of Spanish colonial government in 1563 and part of the Viceroyalty of New Granada in 1717. The territories of the Viceroyalty - New Granada (Colombia), Venezuela, and Quito - gained their independence between 1819 and 1822 and formed a federation known as Gran Colombia. When Quito withdrew in 1830, the traditional name was changed in favor of the "Republic of the Equator." Between 1904 and 1942, Ecuador lost territories in a series of conflicts with its neighbors. A border war with Peru that flared in 1995 was resolved in 1999. Although Ecuador has had nearly 50 years of civilian governance, the period has been marred with political instability.
Continent: South America
Population: 17,483,326 (2023 est.)
Ethnic Groups: Mestizo (mixed Indigenous and White) 77.5%, Montubio 7.7%, Indigenous 7.7%, White 2.2%, Afroecuadorian 2%, Mulatto 1.4%, Black 1.3%, other 0.1% (2022 est.)
Languages: Spanish (Castilian) 93% (official), Quechua 4.1%, other indigenous 0.7%, foreign 2.2%; note - (Quechua and Shuar are official languages of intercultural relations; other indigenous languages are in official use by indigenous peoples in the areas they inhabit) (2010 est.)
Religions: Roman Catholic 68.2%, Protestant 19% (Evangelical 18.3%, Adventist 0.6%, other Protestant 0.2%), Jehovah's Witness 1.4%, other 2.3%, none 8.2% don't know/no response 1% (2023 est.)
Economic Overview: highly informal South American economy; USD currency user; major banana exporter; hard hit by COVID-19; macroeconomic fragility from oil dependency; successful debt restructuring; China funding budget deficits; social unrest hampering economic activity
Currency: United States Dollar (USD)
Reserves of Foreign Exchange & Gold: $8.459 billion (2022 est.) note: holdings of gold (year-end prices)/foreign exchange/special drawing rights in current dollars
Real GDP (Purchasing Power Parity): $195.477 billion (2022 est.) note: data in 2017 dollars
Real GDP Growth Rate: 2.95% (2022 est.) note: annual GDP % growth based on constant local currency
Real GDP per Capita: $10,900 (2022 est.) note: data in 2017 dollars
Exports:
$35.92 billion (2022 est.) note: balance of payments - exports of goods and services in current dollars
Comparison Ranking: 76
Export Commodities: crude petroleum, shrimp, bananas, refined petroleum, tuna (2021)
Export Partners: United States 30%, China 13%, Panama 8%, Chile 7% (2019)
Imports:
$36.051 billion (2022 est.) note: balance of payments - imports of goods and services in current dollars
Comparison Ranking: 73
Import Commodities: refined petroleum, coal tar oil, cars, packaged medicines, soybean products (2019)
Import Partners: United States 22%, China 18%, Colombia 9%, Panama 5% (2019)
Natural Resources: petroleum, fish, timber, hydropower
Agricultural Products: sugar cane, bananas, milk, oil palm fruit, maize, rice, plantains, poultry, cocoa, potatoes
Industries: petroleum, food processing, textiles, wood products, chemicals
Industrial Production Growth Rate:
1.08% (2022 est.) note: annual % change in industrial value added based on constant local currency
Comparison Ranking: 147
Labor Force: 8.813 million (2022 est.)
Unemployment Rate: 3.76% (2022 est.) note: % of labor force seeking employment
Natural Hazards: frequent earthquakes; landslides; volcanic activity; floods; periodic droughts
Volcanism: volcanic activity concentrated along the Andes Mountains; Sangay (5,230 m), which erupted in 2010, is mainland Ecuador's most active volcano; other historically active volcanoes in the Andes include Antisana, Cayambe, Chacana, Cotopaxi, Guagua Pichincha, Reventador, Sumaco, and Tungurahua; Fernandina (1,476 m), a shield volcano that last erupted in 2009, is the most active of the many Galapagos volcanoes; other historically active Galapagos volcanoes include Wolf, Sierra Negra, Cerro Azul, Pinta, Marchena, and Santiago
Geography:
Total: 283,561 sq km
Land: 276,841 sq km
Water: 6,720 sq km
(Country Summary, The World Factbook, CIA.gov)
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