General Information
Geography
History
Culture
Political System
Economics
Activities
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Overview
For much of Ecuador’s history, the economy depended on agricultural exports such as bananas. However, in the 1970’s, oil was discovered in the Amazon region (el oriente). This discovery led to a rapid increase in the economy, but was soon followed by a depression when oil prices began to decline in 1986. Then, in 1987, much of Ecuador’s pipeline was destroyed in an earthquake, which devastated the economy. At this point, the government of Ecuador realized that their economy was based almost solely on oil exports. As new government officials have come into power, they have tried to enforce stabilization plans in which the economy could be prevented from once again experiencing a crisis if oil prices were to decline again. Although none of these plans seem to have been effective, many of the people of Ecuador have faith that their current president, Rafael Correa, will implement a plan that will stabilize the country’s economy (Business Economy Ecuador Galapagos, 2009).

Currency
US Dollar

currency-of-ecuador-dollar.jpg
U.S. Dollar

Gross Domestic Product
$110.4 billion

Country's Budget
(Expenditures) $21.15 billion

Employment
4.5 million (8.3% Agriculture, 21.2% industry, and 70.4% services)

Unemployment Rate
8.5%

Population Below Poverty Line
35.1%

Major Income Areas
Agriculture (6.8%), Industry (35.2%), Services (58%)
Information found at

https://www.cia.gov/library/publications/the-world-factbook/geos/ec.html