All values, unless otherwise stated, are in US dollars.
The economy of Ecuador is the eighth largest in Latin America and the 69th largest in the world by total GDP.[17]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.[18] In 2017, remittances constituted 2.7% of Ecuador's GDP.[19] The total trade amounted to 42% of the Ecuador's GDP in 2017.[20]
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.[21][22] When Ecuador was part of OPEC, it was one of the smallest members[23] and produced about 531,300 barrels per day of petroleum in 2017.[21][24] 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).[17] 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.[17]
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.[18] Between 2006 and 2014, GDP growth averaged 4.3%, driven by high oil prices and external financing.[25] From 2015 until 2018, GDP growth averaged just 0.6%.[26] 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.[27][28]