Ecuador's Macroeconomic Analysis:
Nominal GDP of USD 118.8 billion in 2023.
Nominal GDP of USD 115.0 billion in 2022.
GDP per capita of USD 6,390 compared to the global average of USD 10,589.
GDP per capita of USD 6,509 compared to the global average of USD 10,589.
Average real GDP growth of 2.5% over the last decade.
Average real GDP growth of 1.5% over the last decade.
Sector Analysis
In 2021, services accounted for 59% of overall GDP, manufacturing 17%, other industrial activity 15%, and agriculture 9%. Looking at GDP by expenditure, private consumption accounted for 61% of GDP in 2021, government consumption 15%, fixed investment 22%, and net exports 2%.International trade
In 2021, manufactured products made up 6% of total merchandise exports, mineral fuels 32%, food 48%, ores and metals 7% and agricultural raw materials 4%, with other categories accounting for 3% of the total. In the same period, manufactured products made up 65% of total merchandise imports, mineral fuels 19%, food 12%, ores and metals 2% and agricultural raw materials 1%, with other goods accounting for 1% of the total. Total exports were worth USD 33 billion in 2022, while total imports were USD 30 billion.Main Economic Indicators
Economic growthThe economy recorded average annual growth of 1.5% in the decade to 2022. To read more about GDP growth in Ecuador, go to our dedicated page.
Fiscal policy
Ecuador's fiscal deficit averaged 5.2% of GDP in the decade to 2022. Find out more on our dedicated page.
Unemployment
The unemployment rate averaged 4.6% in the decade to 2022. For more information on Ecuador's unemployment click here.
Inflation
Inflation averaged 1.9% in the decade to 2022. Go to our Ecuador inflation page for extra insight.
Monetary Policy
Ecuador's monetary policy rate ended 2022 at 8.48%, up from 8.17% a decade earlier. See our Ecuador monetary policy page for additional details.
Economic situation in Ecuador
GDP is expected to have rebounded in Q3 after contracting in Q2. However, the data at hand paints a mixed picture. Lower inflation likely supported private consumption, and tourist arrivals declined less sharply. However, oil production contracted at the sharpest rate since Q2 2022 and merchandise exports decelerated notably. Additionally, the country’s worst drought in decades triggered power cuts, hampering economic activity. Turning to Q4, our panelists expect the economy to expand at a faster pace than Q3’s projected figure as declining lending rates will likely bolster domestic demand. Less positively, in mid-November, raging wildfires—worsened by severe drought—forced the government to declare a state of emergency, boding ill for economic activity.Ecuador Economic Forecasts
Projections out to 2034.39 indicators covered including both annual and quarterly frequencies.
Consensus Forecasts based on a panel of 20 expert analysts.
Want to get insight on the economic outlook for Ecuador in the coming years? FocusEconomics collects projections out to 2034 on 39 economic indicators for Ecuador from a panel of 20 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts, and averaged to provide one Consensus Forecast you can rely on for each indicator. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the Ecuador economy. To download a sample report on the Ecuador's economy, click here. To get in touch with our team for more information, fill in the form at the bottom of this page.