ECUADOR

Out of the slump

C4

HIGH RISK

  • Economic risk

  • Business environment risk

  • Political risk

  • Commercial risk

  • Financing risk

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GDP USD103.057bn (World ranking 63, World Bank 2017)
Population 16.63mn (World ranking 68, World Bank 2017)
Form of state Presidential Republic
Head of government Lenín Boltaire Moreno Garcés (President)
Next elections 2021, presidential and legislative
  • Significant oil reserves and unexploited mining resources
  • Dollarization of the economy, limits transfer and currency risk and anchors inflation
  • Recently Improved road network
  • Financial support from China
  • GDP per capita and social indicators have improved significantly over the past years
  • Dependence on oil production and high vulnerability to global oil prices
  • Monetary policy limited by dollarization
  • Low level of FX reserves
  • Limited access to international capital markets due to successive debt defaults and restructurings
  • Unsustainable pace of public spending
  • Strong state interventionism, increasing price and import controls

Trade structure by destination/origin

(% of total)

Exports Rank Imports
United States 35%
1
26% United States
China 6%
2
18% China
Chile 5%
3
8% Colombia
Peru 5%
4
4% Brazil
Russia 5%
5
4% Peru

Trade structure by product

(% of total)

Exports Rank Imports
Crude Oil 36%
1
19% Refined Petroleum Products
Edible Agricultural Prod 22%
2
5% Plastic articles
Meat 12%
3
4% Pharmaceuticals
Preserved Meat/Fish 5%
4
4% Engines
Non-Edible Agricultural Prod. 4%
5
4% Electrical Apparatus

Contact

Euler Hermes

Economic Research Team

research@eulerhermes.com

Georges Dib

Economist for Latin America, Spain and Portugal

georges.dib@eulerhermes.com

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