2 de Octubre y Avenida Patria; Quito
(mailing address is P. O. Box 538, Quito, or APO AA 34039); telephone [593]
(2) 562-890; FAX [593] (2) 502-052; there is a US Consulate General in
Guayaquil
Flag:
three horizontal bands of yellow (top, double width), blue, and red with the
coat of arms superimposed at the center of the flag; similar to the flag of
Colombia that is shorter and does not bear a coat of arms

:Ecuador Economy

Overview:
Ecuador has substantial oil resources and rich agricultural areas. Growth
has been uneven because of natural disasters (for example, a major
earthquake in 1987), fluctuations in global oil prices, and government
policies designed to curb inflation. The government has not taken a
supportive attitude toward either domestic or foreign investment, although
its agreement to enter the Andean free trade zone is an encouraging move. As
1991 ended, Ecuador received a standby IMF loan of $105 million, which will
permit the country to proceed with the rescheduling of Paris Club debt.
GDP:
exchange rate conversion - $11.5 billion, per capita $1,070; real growth
rate 2.5% (1991)
Inflation rate (consumer prices):
49% (1991)
Unemployment rate:
8.0% (1990)
Budget:
revenues $2.2 billion; expenditures $2.2 billion, including capital
expenditures of $375 million (1991)
Exports:
$2.9 billion (f.o.b., 1991)
commodities:
petroleum 47%, coffee, bananas, cocoa products, shrimp, fish products
partners:
US 60%, Latin America, Caribbean, EC countries
Imports:
$1.95 billion (f.o.b., 1991)
commodities:
transport equipment, vehicles, machinery, chemicals
partners:
US 34%, Latin America, Caribbean, EC, Japan
External debt:
$12.4 billion (December 1991)
Industrial production:
growth rate -3.8% (1989); accounts for almost 40% of GDP, including
petroleum
Electricity:
2,344,000 kW capacity; 6,430 million kWh produced, 598 kWh per capita (1991)
Industries:
petroleum, food processing, textiles, metal works, paper products, wood
products, chemicals, plastics, fishing, timber
Agriculture:
accounts for 18% of GDP and 35% of labor force (including fishing and
forestry); leading producer and exporter of bananas and balsawood; other
exports - coffee, cocoa, fish, shrimp; crop production - rice, potatoes,
manioc, plantains, sugarcane; livestock sector - cattle, sh