fiscal stabilization measures. The aftermath of El Nino
and depressed oil market of 1997-98 drove Ecuador's economy into a
free-fall in 1999. The beginning of 1999 saw the banking sector
collapse, which helped precipitate an unprecedented default on
external loans later that year. Continued economic instability drove a
70% depreciation of the currency throughout 1999, which eventually
forced a desperate government to dollarize the currency regime in
2000. The move stabilized the currency, but did not stave off the
ouster of the government. The new president, Gustavo NOBOA has yet to
complete negotiations for a long sought IMF accord. He will find it
difficult to push through the reforms necessary to make dollarization
work in the long-run.

GDP: purchasing power parity - $54.5 billion (1999 est.)

GDP - real growth rate: -8% (1999 est.)

GDP - per capita: purchasing power parity - $4,300 (1999 est.)

GDP - composition by sector:
agriculture: 14%
industry: 36%
services: 50% (1999 est.)

Population below poverty line: 50% (1999 est.)

Household income or consumption by percentage share:
lowest 10%: 2.3%
highest 10%: 37.6% (1994)

Inflation rate (consumer prices): 59.9% (1999 est.)

Labor force: 4.2 million

Labor force - by occupation: agriculture 30%, industry 25%, services
45% (1999 est.)

Unemployment rate: 12% with widespread underemployment (November 1998
est.)

Budget:
revenues: planned $5.1 billion (not including revenue from potential
privatizations)
expenditures: $5.1 billion including capital expenditures of $NA
(1999)

Industries: petroleum, food processing, textiles, metal work, paper
products, wood products, chemicals, plastics, fishing, lumber

Industrial production growth rate: 2.4% (1997 est.)

Electricity - production: 9.657 billion kWh (1998)

Electricity - production by source:
fossil fuel: 27.96%
hydro: 72.04%
nuclear: 0%
other: 0% (1998)

Electricity - consumption: 8.981 billion kWh (1998)

Electricity - exports: 0 kWh (1998)

Electricity - imports: 0 kWh (1998)

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

Exports: $4.1 billion (f.o.b., 1999)

Exports - commodities: petroleum, bananas, shrimp, coffee, cocoa, cut
flowers, fish

Exports - partners: US 39%, Colombia 7%, Italy 6%, Peru 5%, Chile 3%
(1998)

Imports: $2.8 billion (c.i.