Ecuador
Economic Trends
The
following is an overview of the principal macroeconomic
trends in the country:
GDP
Growth Rate
Inflation
Rate
Unemployment
Rate
Ecuador-Related
Economic Links
GDP
Growth Rate
With
the exception of late 1998 and 1999, when Ecuador experienced
a deep recession, the country´s GDP has expanded at
a health rate for the past decade. In 2001, GDP growth was
the highest in Latin America, registering a rate of 5.40%.
|
Year
|
Growth
Rate (%)
|
| 2001 |
5.40%
|
| 2000 |
2.30%
|
| 1999 |
-7.30%
|
| 1998 |
0.40%
|
| 1997 |
3.40%
|
| 1996 |
2.00%
|
| 1995 |
2.30%
|
| 1994 |
4.00%
|
| 1993 |
2.00%
|
| 1992 |
3.60%
|
| 1991 |
5.00%
|
| 1990 |
3.00%
|
Inflation
Rate
While
never reaching the hyperinflationary, triple-digit levels
seen in other Latin American countries such as Argentina,
Ecuador´s annual inflation rate has remained stubbornly
high during the past decade. It is hoped that the recently
instituted dollarization plan will begin to alleviate this
chronic economic problem. In 2001, the country´s inflation
rate did drop significantly from the exorbitant 91.00% level
of 2000, falling to a rate of 22.40%. It is still unclear,
however, whether this downward trend is a positive outcome
of dollarization and just as importantly, whether or not,
lower inflation rates will become a permanent feature of
the Ecuadorian economy.
|
Year
|
Inflation
Rate (%)
|
| 2001 |
22.40%
|
| 2000 |
91.00%
|
| 1999 |
60.70%
|
| 1998 |
43.40%
|
| 1997 |
30.70%
|
| 1996 |
25.50%
|
| 1995 |
22.80%
|
| 1994 |
25.40%
|
| 1993 |
31.00%
|
| 1992 |
60.20%
|
| 1991 |
49.00%
|
| 1990 |
49.50%
|
Unemployment
Rate
Though
still at significant levels, the Ecuadorian unemployment
rate has been falling steadily since 1999. The 9.50% rate
registered in 2001 (est.) represents the lowest level since
1997. If the recent upswing in economic growth continues,
it is likely that the unemployment rate will continue dropping
in the foreseeable future.
|
Year
|
Unemployment
Rate (%)
|
| 2001 |
9.50%
(est.)
|
| 2000 |
10.30%
|
| 1999 |
15.10%
|
| 1998 |
11.50%
|
| 1997 |
9.20%
|
| 1996 |
10.40%
|
| 1995 |
6.90%
|
| 1994 |
7.10%
|
| 1993 |
8.30%
|
| 1992 |
8.90%
|
Ecuador-Related
Economic Links
Central
Bank of Ecuador
The
World Bank - Reports on Ecuador
The
World Bank - Projects in Ecuador
International
Monetary Fund (IMF) - Ecuador Articles and Resources
US
Census Bureau - US Trade with Ecuador (exports and imports)
Cornell
University - Ecuador Economy
Harvard
University - Andean Competitiveness Project
Statistical
information gathered from the following sources: The
World Bank and Cámara
de Comercio de Quito.
