Economy—overview: Ecuador has substantial oil resources and rich agricultural areas. As an exporter of primary products such as oil bananas and shrimp fluctuations in world market prices can have a substantial domestic impact. Growth has been uneven in recent years as the government has repeatedly initiated ill-conceived fiscal stabilization measures. The populist government of Abdala BUCARAM Ortiz proposed a major currency reform in 1996 but popular discontent with new austerity measures and rampant official corruption undermined his government's position. Congress replaced BUCARAM with Fabian ALARCON in February 1997. ALARCON has adopted a minimalist economic program that puts off major decisions until the next elected government takes office in August 1998. Ecuador joined the World Trade Organization in 1996 but has failed to comply with many of its accession commitments. Growth slowed to 2.0% in 1996 due to a lack of investment caused by political uncertainty and high domestic interest rates but economic activity picked up in 1997. Exports and economic growth in 1998 may be adversely affected by lower world oil prices and to a smaller extent by El Nino.

GDP: purchasing power parity—$53.4 billion (1997 est.)

GDP—real growth rate: 3.4% (1997 est.)

GDP—per capita: purchasing power parity—$4 400 (1997 est.)

GDP—composition by sector:
agriculture: 12%
industry: 37%
services: 51% (1996 est.)

Inflation rate—consumer price index: 31% (1997 est.)

Labor force:
total: 4.2 million
by occupation: agriculture 29% manufacturing 18% commerce 15% services and other activities 38% (1990)

Unemployment rate: 6.9% with widespread underemployment (August 1997 est.)

Budget:
revenues: $3.6 billion (1997)
expenditures: $3.6 billion including capital expenditures of $NA (1996 est.)

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

Industrial production growth rate: 2.4% (1997 est.)

Electricity—capacity: 2.754 million kW (1996)

Electricity—production: 9.27 billion kWh (1996)

Electricity—consumption per capita: 600 kWh (1996)

Agriculture—products: bananas coffee cocoa rice potatoes manioc plantains sugarcane; cattle sheep pigs beef pork dairy products; balsa wood; fish shrimp

Exports:
total value: $3.4 billion (f.o.b. 1997)
commodities: petroleum 30% bananas 26% shrimp 16% cut flowers 2% fish 1.9%
partners: US 39% Latin America 25% EU countries 22% Asia 12%

Imports:
total value: $2.9 billion (c.i.f. 1997)
commodities: transport equipment consumer goods vehicles machinery chemicals
partners: US 32% EU 19% Latin America 35% Asia 11%

Debt—external: $12.5 billion (1997)

Economic aid:
recipient: ODA $153 million (1993)
note: received $12.7 million from the US and $160 million from other countries in 1995

Currency: 1 sucre (S/) = 100 centavos

Exchange rates: sucres (S/) per US$1—4 498.0 (January 1998) 3 988.3 (1997) 3 189.5 (1996) 2 564.5 (1995) 2 196.7 (1994) 1 919.1 (1993)

Fiscal year: calendar year