Ecuador

Last modification: 1 May 18
Introduction: 

Ecuador is made up of 24 provinces. They are Azuay, Bolivar, Canar, Carchi, Chimborazo, Cotopaxi, El Oro, Esmeraldas, Galapagos, Guayas, Imbabura, Loja, Los Rios, Manabi, Morona-Santiago, Napo, Orellana, Pastaza, Pichincha, Santa Elena, Santo Domingo de los Tsachilas, Sucumbios, Tungurahua, and Zamora-Chinchipe.

In April 2016, the Ecuadorian coast suffered an earthquake that measured 7.8 on the Richter scale. Damage to infrastructure hurt several industries, including tourism and shrimp farms. The total cost of the recovery has been close to $2 billion. To pay for this, the government imposed additional inheritance, capital gains, and production (VAT) taxes. GDP growth from 2015 to 2016 was -1.6%, mostly due to the devastating earthquake.

In April of 2017, Lenin Moreno was elected President of Ecuador by popular vote. His immediate challenge was to reengage the private sector to improve cash flow in the country. Ecuador’s economy returned to positive, but sluggish, growth.

In early 2018, the Moreno administration held a public referendum on seven economic and political issues in a move counter to Correa-administration policies, reduce corruption, strengthen democracy, and revive employment and the economy. The referendum resulted in the repeal of the taxes associated with the earthquake recovery and reduced restrictions on metal mining in the Yasuni Intangible Zone, a protected area, as well as several political reforms.

Chapter 1: Economic and business environment

Demographics

16.3 million people (July 2017 est.)

Nearly half of Peru's population is concentrated in the interior in the Andean intermontane basins and valleys, with large concentrations also found along the western coastal strip; the rainforests of the east remain sparsely populated.

Capital

Quito (population of 1.61 million in 2010)

Major cities

1. Guayaquil (2.28 million in 2010)
2. Quito (1.61 million in 2010)
3. Cuenca (329,928 in 2010)
4. Santo Domingo (270,875 in 2010)
5. Machata (231,260 in 2010)

Languages

Spanish (Castilian) 93% (official),

GDP

US$98.6 billion (2017 est.)

Unemployment rate

5.1% (2017 est.)

Main industries

petroleum, food processing, textiles, wood products, chemicals

Agriculture
bananas, coffee, cocoa, rice, potatoes, cassava (manioc, tapioca), plantains, sugarcane; cattle, sheep, pigs, beef, pork, dairy products; fish, shrimp; balsa wood

Currency

U.S. dollar

Political key info

Although Ecuador marked 30 years of civilian governance in 2004, the period was marred by political instability. Protests in Quito contributed to the mid-term ouster of three of Ecuador's last four democratically elected presidents.

In late 2008, voters approved a new constitution, Ecuador's 20th since gaining independence. General elections were held in April 2017, and voters elected President Lenin Moreno.

Inflation

0.7% (2017 est.)

Chapter 4: Taxation & legislation

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Chapter 5: Car policies

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Chapter 6: Funding methods

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Chapter 7: Fuel

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Chapter 8 : TCO components

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Chapter 9: Safety, insurance and telematics

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Chapter 10: Environment

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Chapter 11: Mobility

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Chapter 12: Key trends to watch

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