What Is the Economy Like in Ecuador?
Ecuador’s economy has recently experienced a large amount of growth. Since 2000, the economy has grown an average of 4 percent each year. In the past 7 years, poverty has dropped from 45 percent to 25 percent. Unemployment has decreased to less than 5 percent of the population.
Exports make up the majority of the country’s Gross Domestic Product (GDP). Oil is the top export, although the economy increasingly relies on non-oil exports. Ecuador is the world’s top banana producer, and exports an even greater quantity of shrimp.