Ecuador: Facts & Stats

ECONOMY

Industry:

Ecuador had three oil refineries in 2002, with a production capacity of 176,000 barrels per day. The construction of the new Transandean Heavy Oil Pipeline (OCP, in Spanish) due for completion in 2003 slated the petroleum industry for further growth.

The most promising sectors, outside of oil, are linked to agriculture and natural resources. In the agricultural sector, expansion has come from processed foods and nontraditional agricultural products, such as flowers and fresh tropical fruits (mango, babaco, and passion fruit) and vegetables (asparagus and heart of palm).

Other major manufactured items include canned seafood, automobiles, processed coffee, and cocoa. Ecuador produced 2,760 automobiles in 2001, up from 900 in 2000. Other industries include textiles, chemicals, wood products, metal work, paper products, and plastics.

Agriculture:

Principal commodities in 1999 (in tons) were sugar, 7,000,000; bananas, 6,392,000; corn, 512,000; plantains, 406,000; palm oil, 171,000; potatoes, 563,000; cocoa beans, 83,000; and coffee, 57,000. The production of paddy rice reached 1,290,000 tons in 1999.

The agricultural sector of the economy presents potential for further development and growth. Crops for domestic consumption, particularly rice, barley, maize, African palm, and potatoes, continue to show growth due to increased area planted and improved yields.

Other segments likely to experience growth are nontraditional agricultural products such as flowers, fresh fruit, and vegetables, and processed foods. The government's agricultural policy focuses on integration into the World Trade Organization, import tariffs, and the lack of credit in the agricultural sector.

Banking:

Banking in Ecuador has a long history. At the time of the dissolution of Gran Colombia and its formation as a republic, Ecuador's economy was generally not monetized; gold and silver coins were circulated, and were brought into common use by successive currency laws. Little by little, with the growth of the nation, Ecuadorian banking also grew and was particularly centered on the city of Guayaquil. After the Liberal Revolution came a period called the Banking Plutocracy (Plutocracia bancaria) that was dominated by private banking, especially by the Commercial and Agricultural Bank of Guayaquil (Banco Comercial y Agrícola de Guayaquil). This period ended with the July Revolution (Revolución Juliana) of 1925.

In 1998, under the administration of President Jamil Mahuad Witt, Ecuador's banks faced the worst financial crisis in the country's history. The bank holiday resulted in the failure of several of the largest banks of Guayaquil, such as the Banco del Progreso, La Previsora, and Filanbanco.

On January 9, 2000, the administration of President Jamil Mahuad announced its intention to adopt the U.S. dollar as the official currency of Ecuador to address the ongoing economic crisis. Subsequent protest led to Mahuad's removal from office and the elevation of Vice President Gustavo Noboa to the presidency.

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.

The major banks today are the Banco del Pichincha, Produbanco, and the Bank of Guayaquil.

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