Country Fact Sheet: Ecuador
The Republic of Ecuador is located in Western South America at the equator bordering the Pacific Ocean, Colombia, and Peru. It is about the size of Nevada and covers an area of 283,560 sq. kilometers. Ecuador’s total population is 15.44 million and is growing at a rate of 1.4% with 67% living in urban areas. The capital city of Quito has a population of 2 million with the other major city being Guayaquil (2.28 mil). The people are governed by a republic and are predominately Roman Catholic. The official language used is Spanish and the local currency used is the US dollar.
Ecuador has an economy dependent on the export of petroleum which accounts for about 50% of its total exports. The economy has stabilized since adopting the US dollar as currency but concerns with corruption still persist and foreign investment is still low in this developing nation. Its main trade partner is the US with other including Colombia, Peru, China, Brazil, Russia, and Japan. Its primary imports are industrial materials, fuels and lubricants, and nondurable consumer goods. Exports consist of petroleum, bananas, cut flowers, shrimp, cacao, coffee, hemp, wood, and fish. Ecuador’s GDP (Purchasing Power Parity) is $134.7 billion and is growing at a real rate of 4% with an inflation rate of 5.3%. Ecuador ranked 139th out of 185 countries in the World Bank Group’s Ease of Doing Business Ranking due to concerns with corruption.
|Demographic Data||Economic Data||Cultural & Other Data|
|Area (sq. km.)||283,560||GDP (PPP, $bn)||134.7||Capital||Quito|
|Population (million)||15,439||GDP Real Growth (%)||4||Other Large Cities||Guayaquil|
|Population Growth %||1.4||PerCap GDP ($)||8,800||Primary Language||Spanish|
|% Population Under 15yrs||29||Prime Lending Rate (%)||8.7||Urban Population %||67|
|Population below poverty line (%)||27.3||Inflation Rate%||5.3||Urban Growth %||2|
|Agricultural Workers (% of population)||27.6||Unemployment%||4.1||Literacy (% of population)||93.2|
|Industrial Workers (% of population)||18.8||Foreign Direct Investment($bn)||13.11||Education spending as % of GDP||4.9|
|Service Workers (% of population)||53.6||Debt-External ($bn)||20.03||CPI Score (1-100)*||32|
|Labor Force (mil)||6.779||Exports ($bn)||23.77||Corporate Income Tax %||22|
|Imports ($bn)||24.67||Ease of Doing Business Ranking **||139|
Click the links below for articles with more information on Franchising in Ecuador
The Future of Latin America (2007)
* CPI Score is published by Transparency International and relates to the perceptions of the degree of corruption as seen by business people and country analysts and ranges between 100 (highly clean) and 0 (highly corrupt).
**Ease of Doing Business Ranking is determined by the World Bank Group and is ranked out of a possible 185 countries. www.doingbusiness.org
Most recent statistics have been taken from the CIA World Factbook unless noted otherwise.
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