The economy of Ecuador is the eighth largest in Latin America and the 69th largest in the world by total GDP.[18]Ecuador's economy is based on the export of oil, bananas, shrimp, gold, other primary agricultural products and money transfers from Ecuadorian emigrants employed abroad.[19] In 2017, remittances constituted 2.7% of Ecuador's GDP.[20] The total trade amounted to 42% of the Ecuador's GDP in 2017.[21]
The country is substantially dependent on its petroleum resources. In 2017, oil accounted for about one-third of public-sector revenue and 32% of export earnings.[22][23] When Ecuador was part of OPEC, it was one of the smallest members[24] and produced about 531,300 barrels per day of petroleum in 2017.[22][25] It is the world's largest exporter of bananas ($3.38 billion in 2017) and a major exporter of shrimp ($3.06 billion in 2017).[18] Exports of non-traditional products such as cut flowers ($846 million in 2017) and canned fish ($1.18 billion in 2017) have grown in recent years.[18]
In the past, Ecuador's economy depended largely on primary industries like agriculture, petroleum, and aquaculture. As a result of shifts in global market trends and development of technology, the country has experienced economic development in other sectors, such as textiles, processed food, metallurgy and the service sectors.[19] Between 2006 and 2014, GDP growth averaged 4.3%, driven by high oil prices and external financing.[26] From 2015 until 2018, GDP growth averaged just 0.6%.[27] Ecuador's ex-president, Lenín Moreno, launched a radical transformation of Ecuador's economy after taking office in May 2017. The aim was to increase the private sector's weight, in particular the oil industry.[28][29]
In 2018, the country produced 7.5 million tons of sugarcane, 6.5 million tons of banana (6th largest producer in the world), 2.7 million tons of palm oil (6th largest producer in the world), 1.3 million tons of maize, 1.3 million tons of rice, 269 thousand tons of potato, 235 thousand tons of cocoa (7th largest producer in the world), 149 thousand tons of pineapple, 103 thousand tons of orange, in addition to smaller productions of other agricultural products.[31]
Mining
In 2019, the country had an annual production of about 1 ton of antimony (14th largest producer in the world).[32]
In 2006, Ecuador had an annual production of about 5.3 tonnes of gold, being the 34th largest producer in the world at the time.[33] Ecuador produced 8.6 tons of gold in 2013, which was the absolute record between 2006 and 2017. In 2017, production was 7.3 tons.[34]
In terms of silver production, Ecuador produced 1 ton in 2017, which is the country's usual average.[35]
In 2019, in the north of Ecuador, a large deposit of gold, silver and copper was discovered.[36]
Industries
Oil accounts for 40% of exports and contributes to maintaining a positive trade balance.[37] Since the late '60s, the exploitation of oil increased production and reserves are estimated at 4.036 million barrels[38]
In the agricultural sector, Ecuador is a major exporter of bananas (the largest exporter of bananas in the world[39]), cut flowers, cacao, coffee, shrimp, wood, and fish.[40] It is also significant in shrimp production, sugar cane, rice, cotton, corn, palm and coffee.[citation needed] The country's vast resources include large amounts of timber across the country, like eucalyptus and mangroves.[41] Pines and cedars are planted in the region of the Sierra, walnuts and rosemary, and balsa wood, on Guayas River Basin.[citation needed]
Ecuador's tobacco is prized in the cigar industry due to the prolonged cloud cover and rich volcanic soil creating ideal growing conditions, especially for shade tobacco and Ecuadorian Sumatra Tobacco cigar wrapper leaves;[42] exports topped $70M in 2018.[43]
The industry is concentrated mainly in Guayaquil, the largest industrial center, and in Quito, where in recent years the industry has grown considerably. This city is also the largest business center of the country.[44] Industrial production is directed primarily to the domestic market.[citation needed] Despite this, there is limited export of products produced or processed industrially.[citation needed] These include canned foods, liquor, jewelry, furniture, and more.[citation needed] Minor industrial activity is also concentrated in Cuenca.[45]
Ecuador was placed in 96th position of innovation in technology in a 2013 World Economic Forum study.[48] Ecuador was ranked 91st in the Global Innovation Index in 2021 up from 99th in 2020.[49][50][51][52][53] The most notable icons in Ecuadorian sciences are the mathematician and cartographer Pedro Vicente Maldonado, born in Riobamba in 1707, and the printer, independence pioneer, and medical pioneer Eugenio Espejo who invented the mirror, born in 1747 in Quito. Among other notable Ecuadorian scientists and engineers are Lieutenant Jose Rodriguez Labandera,[54] a pioneer of flag-making and early versions of the washing machine, who also built the first submarine in Latin America in 1837; Reinaldo Espinosa Aguilar (1898–1950), a botanist and biologist of Andean flora; and José Aurelio Dueñas (1880–1961), a chemist and inventor of a method of textile serigraphy, reputed to have many wives.
The major areas of scientific research in Ecuador have been in the medical fields, tropical and infectious diseases treatments, agricultural engineering, pharmaceutical research, and bioengineering. Being a small country and a consumer of foreign technology, Ecuador has favored research supported by entrepreneurship in information technology. The antivirus program Checkprogram, banking protection system MdLock, and Core Banking Software Cobis are products of Ecuadorian development.[55]
The scientific production in hard sciences has been limited due to lack of funding but focused around physics, statistics, and partial differential equations in mathematics.[citation needed] In the case of engineering fields, the majority of scientific production comes from the top three polytechnic institutions: Escuela Superior Politécnica del Litoral – ESPOL, Universidad de Las Fuerzas Armadas – ESPE, and Escuela Politécnica Nacional EPN. The Center for Research and Technology Development in Ecuador is an autonomous center for research and technology development funded by Senecyt.
However, according to Nature, the multidisciplinary scientific journal, the top 10 institutions that carry the most outstanding scientific contributions are: Yachay Tech University (Yachay Tech), Escuela Politécnica Nacional (EPN), and Universidad San Francisco de Quito (USFQ).[56]
Trade
This section needs to be updated. Please help update this article to reflect recent events or newly available information.(May 2020)
The overall trade balance for August 2012 was a surplus of almost 390 million dollars for the first six months of 2012, a huge figure compared with that of 2007, which reached only $5.7 million; the surplus had risen by about 425 million compared to 2006.[57] This circumstance was due to the fact that imports grew faster than exports.[58] The oil trade balance positive had revenues of $3.295 million in 2008, while non-oil was negative amounting to 2.842 million dollars.[citation needed]. The trade balance was positive in 2019 and 2020 with 2.05 billion dollars and 6.4 billion dollars. In 2016, the trade balance was positive (608 million dollars) but negative in 2017 (-723 million dollars) and 2018 (1.41 billion dollars).[59] The trade balance with Argentina, Colombia and Asia is negative.[60]
Deteriorating economic performance in 1997–98 culminated in a severe financial crisis in 1999. The crisis was precipitated by a number of external shocks, including the El Niño weather phenomenon in 1997, a sharp drop in global oil prices in 1997–98, and international emerging market instability in 1997–98. These factors highlighted the Government of Ecuador's unsustainable economic policy mix of large fiscal deficits and expansionary money policy and resulted in a 7.3% contraction of GDP, annual year-on-year inflation of 52.2%, and a 65% devaluation of the national currency in 1999.
US Dollar has been the only official currency of Ecuador since the year 2000.[68]
The Noboa government confirmed its commitment to convert to the dollar as the centerpiece of its economic recovery strategy, successfully completing the transition from sucres to dollars in 2001. Following the completion of a one-year stand-by program with the International Monetary Fund (IMF) in December 2001, Ecuador successfully negotiated a new $205 million stand-by agreement with the IMF in March 2003.
Buoyed by higher oil prices, the Ecuadorian economy experienced a modest recovery in 2000–01, with GDP rising 2.3% in 2000 and 5.4% in 2001.[69] GDP growth leveled off to 2.7% in 2002.[70] Inflation fell from an annual rate of 96.1% in 2000 to an annual rate of 37.7% in 2001; 12.6% for 2002.[71]
The completion of the second Transandean Oil Pipeline (OCP in Spanish) in 2003 enabled Ecuador to expand oil exports. The OCP will double Ecuador's oil transport capacity.
Ecuador's economy is the eighth largest in Latin America and experienced an average growth of 4.6% per year between 2000 and 2006.[72] In January 2009, the Central Bank of Ecuador (BCE) put the 2010 growth forecast at 6.88%.[73] GDP doubled between 1999 and 2007, reaching 65,490 million dollars according to BCE.[74] Inflation rate up to January 2008 was located about 1.14%, the highest recorded in the last year, according to Government.[75][76] The monthly unemployment rate remained at about 6 and 8 percent from December 2007 until September 2008, however, it went up to about 9 percent in October and dropped again in November 2008 to 8 percent.[77]
Between 2006 and 2009, the government increased spending on social welfare and education from 2.6% to 5.2% of its GDP.[78] Starting in 2007, when its economy was surpassed by the economic crisis, Ecuador was subject to a number of economic policy reforms by the government that have helped steer the Ecuadorian economy to a sustained, substantial, and focused achievement of financial stability and consistent social policy.[78][vague] Such policies were expansionary fiscal policies, of access to housing finance, stimulus packs, and limiting the amount of money reserves banks could keep abroad.[78] The Ecuadorian government has made huge investments in education and infrastructure throughout the nation, which have improved the lives of the poor.[79]
On December 12, 2008, President Rafael Correa announced that Ecuador would not pay $30.6m in interest to lenders of a $510m loan, claiming that they were monsters.[80] In addition it claimed that $3.8bn in foreign debt negotiated by previous administrations was illegitimate because it was authorized without executive decree.[80] At the time of the announcement, the country had $5.65bn in cash reserves.[80]
In 2009, economic growth declined to 0.6% during the global recession, accompanied by falling oil prices and a decline in remittances provided by Ecuadorians living and working abroad (a major source of external revenues).[81] Showing signs of recovery in 2010, the economy rebounded and grew by 2.8%. After growth of 7.4% in 2011, Ecuador's growth averaged 4.5% from 2012 to 2014.[81]
Some observers have attributed the high growth to a public investment boom that was fueled by high oil prices and lending from China. According to the U.S. Energy Information Administration, Ecuador was the third largest source of foreign oil to the western United States in 2014.[81] However, in the middle of 2014 after the price of oil declined significantly, Ecuador's oil earnings fell.[81] As a consequence, the Economist Intelligence Unit (EIU) forecast that Ecuador's economy would contract slightly in 2015, although the economy ultimately grew by less than half a percent.[81] President Correa's plans to begin extracting crude oil from the Ishpingo, Tambochoa, and Tiputini field in Yasuní National Park in the Amazon to provide an economic boost did not salvage the economy from going into recession.[81] In 2016, Ecuador's gross domestic product contracted by 1.6%.[81]
Ecuador's economic slowdown in 2016 and the country's need for external finance were exacerbated by a deadly April 2016 earthquake.[81] Ecuador's estimated $3 billion costs for reconstruction and humanitarian assistance for 720,000 people in the affected region remain a burden that the government and private sector have sought to address.[81] In response, the U.S. Office of Foreign Disaster Assistance provided more than $3 million in assistance, including provisions airlifted in for 50,000 people in the earthquake-prone region and assistance with water and sanitation systems in affected areas.[81] A U.N. appeal by the Office of Coordination of Humanitarian Assistance sought to raise $73 million.[81] However, as of July 2016, only one-fifth of this amount had been received from donor countries, including the United States.[81]
The Correa government increased a value-added tax and implemented a plan to further cut government expenditures after cutting capital expenditures by 30%.[81] Despite President Correa's reluctance to ask for assistance from the International Monetary Fund (IMF), the IMF approved a request for $364 million in financial support under its Rapid Financing Instrument in early July 2016 for Ecuador.[81] Additional loans from China and the World Bank to help ease the government's balance-of-payments needs were considered.[81]
Ecuador's access to global financial markets also had been limited by its 2008 default on $3.2 billion in debt to global lenders.[81] Consequently, the Correa government turned to nontraditional allies, such as China, for external finance.[81] From 2005 to 2014, Chinese banks provided almost $11 billion of financing to Ecuador.[81] The Correa government also asked China for an additional $7.5 billion in financing in early 2015 as crude oil prices—the nation's biggest export—weakened further.[81] China agreed to the financing request and began to disburse funding, including nearly $1 billion in May and June 2015.[81] Ecuador successfully returned to the international capital market in June 2014 with a $2 billion bond issue followed by additional smaller bond issues in 2015.[81] President Moreno later discovered loans made by China over the years currently require that Ecuador pay China back with almost 500 barrels of crude oil—or roughly three years of the country's oil production.[81] According to press reports, some private sector analysts question whether Ecuador will be able to meet its debt obligations given two strains on the country's public finances: the slump in oil income due to the commodity's low price and the strong U.S. dollar, which, as a result of Ecuador's dollarized economy, makes the country's exports less globally competitive.[81]
Ecuador withdrew from efforts to develop a regional free trade agreement (FTA) between the United States and Bolivia, Colombia, Ecuador, and Peru in 2006.[81] The United States subsequently signed bilateral FTAs with Peru and Colombia, but Ecuador showed no interest in pursuing an FTA with the United States.[81] Following Venezuela's acceptance in 2012 to full membership in the South American customs union, Mercosur (Mercado Común del Sur or Common Market of the South), the leftist governments in Bolivia and Ecuador applied to move from observer status to full membership in the trade bloc originally composed of Argentina, Brazil, Paraguay, and Uruguay.[81] According to some observers, out of a concern for Ecuador's struggling non-oil exporters, Correa embraced a trade agreement with the European Union (EU) as part of the EU-Andean Community Association agreement that went into effect in January 2017.[81]
The International Monetary Fund approved an agreement with Ecuador in March 2019.[27] This arrangement would provide support ($10 billion) for the Ecuadorian government's economic policies over three years (2018–2021 Prosperity Plan).[27][82]
Poverty and inequality
As of 2012[update], an estimated 9 million Ecuadorians have an economic occupation and about 1.01 million inhabitants are in unemployment condition.[83] In 1998, 10% of the richest population had 42.5% of income, while 10% of the poor had only 0.6% of income.[84] The rates of poverty were higher for populations of indigenous, afro-descendents, and rural sectors.[85] During the same year, 7.6% of health spending went to the 20% of the poor, while 20% of the rich population received 38.1% of this expenditure. The extreme poverty rate has declined significantly between 1999 and 2010.[86] In 2001 it was estimated at 40% of the population, while by 2011 the figure dropped to 17.4% of the total population.[87] This is explained largely by emigration and economic stability achieved after adopting the U.S. dollar as official means of transaction .[88] Poverty rates were higher for indigenous peoples, Afro-descendants and rural areas, reaching 44% of the Native ancestry population.
Infrastructure development
The industrial sector has had enormous difficulty to emerge significantly. The industrial sector's main problem is the deficit of energy,[89] which the current government has tackled with the improvement of performance on existing hydro plants, and the creation of new ones. Such projects included negotiation of the Coca-Codo hydroplant.[89][90] Incentives of financing, tributary incentives, tariffs, and others will be implemented, that is intended to benefit areas of tourism, food processing, renewable and alternative energy sources, bioenergies, pharmaceutical and chemical products, biochemical and environmental biomedecine, services, automotive metallurgical industry, footwear, and automotive parts and pieces, among others.[89] A 500 kV transmission line increases national grid strength and electricity trade with Peru and Colombia.[91]
Statistics
Main economic indicators
The following table shows the main economic indicators in 1980–2019 (with IMF staff stimtates in 2020–2025). Inflation below 5% is in green.[92]
The economy of Angola remains heavily influenced by the effects of four decades of conflict in the last part of the 20th century, the war for independence from Portugal (1961–75) and the subsequent civil war (1975–2002). Poverty since 2002 is reduced over 50% and a third of the population relies on subsistence agriculture. Since 2002, when the 27-year civil war ended, government policy prioritized the repair and improvement of infrastructure and strengthening of political and social institutions. During the first decade of the 21st century, Angola's economy was one of the fastest-growing in the world, with reported annual average GDP growth of 11.1 percent from 2001 to 2010. High international oil prices and rising oil production contributed to strong economic growth, although with high inequality, at that time. 2022 Trade surplus was &30B/2012 $48B
The economy of Burkina Faso is based primarily on subsistence farming and livestock raising. Burkina Faso has an average income purchasing-power-parity per capita of $1,900 and nominal per capita of $790 in 2014. More than 80% of the population relies on subsistence agriculture, with only a small fraction directly involved in industry and services. Highly variable rainfall, poor soils, lack of adequate communications and other infrastructure, a low literacy rate, and a stagnant economy are all longstanding problems of this landlocked country. The export economy also remained subject to fluctuations in world prices.
The economy of Cameroon was one of the most prosperous in Africa for a quarter of a century after independence. The drop in commodity prices for its principal exports – petroleum, cocoa, coffee, and cotton – in the mid-1980s, combined with an overvalued currency and economic mismanagement, led to a decade-long recession. Real per capita GDP fell by more than 60% from 1986 to 1994. The current account and fiscal deficits widened, and foreign debt grew. Yet because of its oil reserves and favorable agricultural conditions, Cameroon still has one of the best-endowed primary commodity economies in sub-Saharan Africa.
The economy of the Democratic Republic of the Congo has declined drastically around the 1980s, despite being home to vast potential in natural resources and mineral wealth; their gross domestic product is $69.474 billion as of 2023.
The economy of the Dominican Republic is the seventh largest in Latin America, and is the largest in the Caribbean and Central American region. The Dominican Republic is an upper-middle income developing country with important sectors including mining, tourism, manufacturing, energy, real estate, infrastructure, telecommunications and agriculture. The Dominican Republic is on track to achieve its goal of becoming a high-income country by 2030, and is expected to grow 79% in this decade. The country is the site of the single largest gold mine in Latin America, the Pueblo Viejo mine.Although the service sector is currently the leading employer of Dominicans, agriculture remains an important sector in terms of the domestic market and is in second place in terms of export earnings. Tourism accounts for more than $7.4 billion in annual earnings in 2019. Free-trade zone earnings and tourism are the fastest-growing export sectors. A leading growth engine in the Free-trade zone sector is the production of medical equipment for export having a value-added per employee of $20,000 USD, total revenue of $1.5 billion USD, and a growth rate of 7.7% in 2019. The medical instrument export sector represents one of the highest-value added sectors of the country's economy, a true growth engine for the country's emerging market. Remittances are an important sector of the economy, contributing $8.2 billion in 2020. Most of these funds are used to cover household expenses, such as housing, food, clothing, health care and education. Secondarily, remittances have financed businesses and productive activities. Thirdly, this combined effect has induced investment by the private sector and helps fund the public sector through its value-added tax. The combined import market including the free-trade-zones amounts to a market of $20 billion a year in 2019. The combined export sector had revenues totaling $11 billion in 2019. The consumer market is equivalent to $61 billion in 2019. An important indicator is the average commercial loan interest rate, which directs short-term investment and stimulates long-term investment in the economy. It is currently 8.30%, as of June 2021.
The economy of Ethiopia is a mixed and transition economy with a large public sector. The government of Ethiopia is in the process of privatizing many of the state-owned businesses and moving toward a market economy. The banking, telecommunication and transportation sectors of the economy are dominated by government-owned companies.
The economy of Kazakhstan is the largest in Central Asia in both absolute and per capita terms. In 2021, Kazakhstan attracted more than US$370 billion of foreign investments since becoming an independent republic after the collapse of the former Soviet Union.
The economy of Kyrgyzstan is heavily dependent on the agricultural sector. Cotton, tobacco, wool, and meat are the main agricultural products, although only tobacco and cotton are exported in any quantity. According to Healy Consultants, Kyrgyzstan's economy relies heavily on the strength of industrial exports, with plentiful reserves of gold, mercury and uranium. The economy also relies heavily on remittances from foreign workers. Following independence, Kyrgyzstan was progressive in carrying out market reforms, such as an improved regulatory system and land reform. In 1998, Kyrgyzstan was the first Commonwealth of Independent States (CIS) country to be accepted into the World Trade Organization. Much of the government's stock in enterprises has been sold. Kyrgyzstan's economic performance has been hindered by widespread corruption, low foreign investment and general regional instability. Despite those issues, Kyrgyzstan is ranked 70th on the ease of doing business index.
The economy of Nicaragua is focused primarily on the agricultural sector. Nicaragua itself is the least developed country in Central America, and the second poorest in the Americas by nominal GDP. In recent years, under the administrations of Daniel Ortega, the Nicaraguan economy has expanded somewhat, following the Great Recession, when the country's economy actually contracted by 1.5%, due to decreased export demand in the American and Central American markets, lower commodity prices for key agricultural exports, and low remittance growth. The economy saw 4.5% growth in 2010 thanks to a recovery in export demand and growth in its tourism industry. Nicaragua's economy continues to post growth, with preliminary indicators showing the Nicaraguan economy growing an additional 5% in 2011. Consumer Price inflation have also curtailed since 2008, when Nicaragua's inflation rate hovered at 19.82%. In 2009 and 2010, the country posted lower inflation rates, 3.68% and 5.45%, respectively. Remittances are a major source of income, equivalent to 15% of the country's GDP, which originate primarily from Costa Rica, the United States, and European Union member states. Approximately one million Nicaraguans contribute to the remittance sector of the economy.
The Economy of Qatar is one of the highest in the world based on GDP per capita, ranking generally among the top ten richest countries on world rankings for 2015 and 2016 data compiled by the World Bank, the United Nations, and the International Monetary Fund (IMF). The country's economy has grown despite sanctions by its neighbors, Saudi Arabia and the United Arab Emirates. Mainly because the country exports primarily to Japan, South Korea, India and China, making the sanctions effectively redundant as neither Saudi Arabia nor the United Arab Emirates have imposed trading penalties such as tariffs or embargoes on either of these countries for trading with Qatar, or offering incentives such as discounts for their own energy exports to reduce Qatari exports.
The economy of the Republic of the Congo is a mixture of subsistence hunting and agriculture, an industrial sector based largely on petroleum extraction and support services. Government spending is characterized by budget problems and overstaffing. Petroleum has supplanted forestry as the mainstay of the economy, providing a major share of government revenues and exports. Nowadays the Republic of the Congo is increasingly converting natural gas to electricity rather than burning it, greatly improving energy prospects.
The economy of Tanzania is a lower-middle income economy that is overwhelmingly dependent on agriculture. Tanzania's economy has been transitioning from a planned economy to a market economy since 1985. Although total GDP has increased since these reforms began, GDP per capita dropped sharply at first, and only exceeded the pre-transition figure in around 2007.
The economy of Ukraine is an emerging, lower-middle income, mixed economy located in Eastern Europe. It grew rapidly from 2000 until 2008 when the Great Recession began worldwide and reached Ukraine. The economy recovered in 2010 and continued improving until 2013. From 2014 to 2015, the Ukrainian economy suffered a severe downturn, with GDP in 2015 being slightly above half of its value in 2013. In 2016, the economy again started to grow. By 2018, the Ukrainian economy was growing rapidly, and reached almost 80% of its size in 2008.
The economy of Yemen has significantly weakened since the breakout of the Yemeni Civil War and the humanitarian crisis, which has caused instability, escalating hostilities, and flooding in the region. At the time of unification, South Yemen and North Yemen had vastly different but equally struggling underdeveloped economic systems. Since unification, the economy has been forced to sustain the consequences of Yemen's support for Iraq during the 1990–91 Persian Gulf War: Saudi Arabia expelled almost 1 million Yemeni workers, and both Saudi Arabia and Kuwait significantly reduced economic aid to Yemen. The 1994 civil war further drained Yemen's economy. As a consequence, Yemen has relied heavily on aid from multilateral agencies to sustain its economy for the past 24 years. In return, it has pledged to implement significant economic reforms. In 1997 the International Monetary Fund (IMF) approved two programs to increase Yemen's credit significantly: the enhanced structural adjustment facility and the extended funding facility (EFF). In the ensuing years, Yemen's government attempted to implement recommended reforms: reducing the civil service payroll, eliminating diesel and other subsidies, lowering defense spending, introducing a general sales tax, and privatizing state-run industries. However, limited progress led the IMF to suspend funding between 1999 and 2001.
The economy of Tunisia is in the process of being liberalized after decades of heavy state direction and participation in the country's economy. Prudent economic and fiscal planning has resulted in moderate but sustained growth for over a decade. Tunisia's economic growth historically has depended on oil, phosphates, agri-food products, car parts manufacturing, and tourism. In the World Economic Forum Global Competitiveness Report for 2015–2016, Tunisia ranks in 92nd place.
The economy of Guyana is one of the fastest growing in the world with a gross domestic product (GDP) growth of 19.9% in 2021. In 2023, Guyana had a per capita gross domestic product of Int$60,648 and an average GDP growth of 4.2% over the previous decade. Guyana's economy was transformed in 2015 with the discovery of an offshore oil field in the country’s waters about 190 km from Georgetown, making the first commercial-grade crude oil draw in December 2019, sending it abroad for refining.
The economy of Uganda has a great potential and appears poised for rapid growth and development. Uganda is endowed with significant natural resources, including ample fertile land, regular rainfall, and mineral deposits.
The economy of Ivory Coast is stable and currently growing, in the aftermath of political instability in recent decades. The Ivory Coast's economy is largely market-based and depends heavily on the agricultural sector. Almost 70% of the Ivorian people are engaged in some form of agricultural activity. GDP per capitaArchived 4 May 2012 at the Wayback Machine grew 82% in the 1960s, reaching a peak growth of 360% in the 1970s, but this proved unsustainable and it shrank by 28% in the 1980s and a further 22% in the 1990s. This decline, coupled with high population growth, resulted in a steady fall in living standards. The Gross national product per capita, now rising again, was about US$727 in 1996. It was substantially higher two decades before.
The economy of Algeria deals with Algeria's current and structural economic situation. Since independence in 1962, Algeria has launched major economic projects to build up a dense industrial base. However, despite these major achievements, the Algerian economy has gone through various stages of turbulence.
The economic history of Ecuador covers the development of Ecuador's economy throughout its history, beginning with colonization by the Spanish Empire, through independence and up to the 21st century.
↑ Lavandera, J.R. (27 December 2009). "José rodríguez lavandera, el inventor". Archived from the original on May 10, 2011. Retrieved January 26, 2011.{{cite web}}: CS1 maint: bot: original URL status unknown (link) . expreso.ec
↑ Incorporated, IBP (2015). Ecuador company laws and regulations handbook: strategic information and basic laws. [Place of publication not identified]: International Business Publications USA. ISBN978-1514508756. OCLC910986831.
Parsons, James J. (1957). "Bananas in Ecuador: A New Chapter in the History of Tropical Agriculture". Economic Geography. 33 (3): 201–216. doi:10.2307/142308. ISSN0013-0095. JSTOR142308.
Tariffs applied by Ecuador as provided by ITC's Market Access Map, an online database of customs tariffs and market requirements.
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18,342,507 (2022) [3] 
45.4 medium (2018) [9] 
