Tourism / Transport
Ecuador has a developing economy that is highly dependent on commodities, namely petroleum and agricultural products. The country is classified as a medium-income country. Ecuador's economy is the eighth largest in Latin America and experienced an average growth of 4.6% between 2000 and 2006. From 2007 to 2012 Ecuador's GDP grew at an annual average of 4.3 percent, above the average for Latin America and the Caribbean, which was 3.5%, according to the United Nations' Economic Commission for Latin American and the Caribbean (ECLAC). Ecuador was able to maintain relatively superior growth during the crisis. In January 2009 the Central Bank of Ecuador (BCE) put the 2010 growth forecast at 6.88%. In 2011 its GDP grew at 8% and ranked 3rd highest in Latin America, behind Argentina (2nd) and Panama (1st). Between 1999 and 2007, GDP doubled, reaching $65,490 million according to BCE. Inflation rate up to January 2008 was located about 1.14%, the highest recorded in the last year, according to the government. The monthly unemployment rate remained at about 6 and 8 percent from December 2007 until September 2008; however, it went up to about 9 percent in October and dropped again in November 2008 to 8 percent. Unemployment mean annual rate for 2009 in Ecuador was 8.5% because the global economic crisis continued to affect the Latin American economies. From this point unemployment rates started a downward trend: 7.6% in 2010, 6.0% in 2011, and 4.8% in 2012.
The extreme poverty rate has declined significantly between 1999 and 2010. In 2001 it was estimated at 40% of the population, while by 2011 the figure dropped to 17.4% of the total population. This is explained to an extent by emigration and the economic stability achieved after adopting the U.S. dollar as official means of transaction. However, starting in 2008 with the bad economic performance of the nations where most Ecuadorian emigrants work, the reduction of poverty has been realized through social spending mainly in education and health.
Oil accounts for 40% of exports and contributes to maintaining a positive trade balance. Since the late 1960s, the exploitation of oil increased production, and proven reserves are estimated at 6.51 billion barrels as of 2011.
The overall trade balance for August 2012 was a surplus of almost $390 million for the first six months of 2012, a huge figure compared with that of 2007, which reached only $5.7 million; the surplus had risen by about $425 million compared to 2006. The oil trade balance positive had revenues of $3.295 million in 2008, while non-oil was negative, amounting to $2.842 million. The trade balance with the United States, Chile, the European Union, Bolivia, Peru, Brazil, and Mexico is positive. The trade balance with Argentina, Colombia, and Asia is negative.
In the agricultural sector, Ecuador is a major exporter of bananas (first place worldwide in production and export), flowers, and the seventh largest producer of cocoa. Ecuador also produces coffee, rice, potatoes, cassava (manioc, tapioca), plantains and sugarcane; cattle, sheep, pigs, beef, pork and dairy products; fish, and shrimp; and balsa wood. The country's vast resources include large amounts of timber across the country, like eucalyptus and mangroves. Pines and cedars are planted in the region of La Sierra and walnuts, rosemary, and balsa wood in the Guayas River Basin. The industry is concentrated mainly in Guayaquil, the largest industrial center, and in Quito, where in recent years the industry has grown considerably. This city is also the largest business center of the country. Industrial production is directed primarily to the domestic market. Despite this, there is limited export of products produced or processed industrially. These include canned foods, liquor, jewelry, furniture, and more. A minor industrial activity is also concentrated in Cuenca. The incomes due to the tourism have been increasing during the last years because of the efforts of the Government of showing the variety of climates and the biodiversity in Ecuador.
Ecuador has negotiated bilateral treaties with other countries, besides belonging to the Andean Community of Nations, and an associate member of Mercosur. It also serves on the World Trade Organization (WTO), in addition to the Inter-American Development Bank (IDB), World Bank, International Monetary Fund (IMF), Corporación Andina de Fomento (CAF) and other multilateral agencies. In April 2007, Ecuador paid off its debt to the IMF, thus ending an era of interventionism of the Agency in the country. The public finance of Ecuador consists of the Central Bank of Ecuador (BCE), the National Development Bank (BNF), the State Bank, the Na
Transport
The rehabilitation and reopening of the Ecuadorian railroad and use of it as a tourist attraction is one of the recent developments in transportation matters.
The roads of Ecuador in recent years have undergone important improvement. The major routes are Pan American (under enhancement from four to six lanes from Rumichaca to Ambato, the conclusion of 4 lanes on the entire stretch of Ambato and Riobamba and running via Riobamba to Loja). In the absence of the section between Loja and the border with Peru, there are the Route Espondilus and/or Ruta del Sol (oriented to travel along the Ecuadorian coastline) and the Amazon backbone (which crosses from north to south along the Ecuadorian Amazon, linking most and more major cities of it).
Another major project is developing the road Manta – Tena, the highway Guayaquil – Salinas Highway Aloag Santo Domingo, Riobamba – Macas (which crosses Sangay National Park). Other new developments include the National Unity bridge complex in Guayaquil, the bridge over the Napo river in Francisco de Orellana, the Esmeraldas River Bridge in the city of the same name, and, perhaps the most remarkable of all, the Bahia – San Vincente Bridge, being the largest on the Latin American Pacific coast.
The Mariscal Sucre International Airport in Quito and the José Joaquín de Olmedo International Airport in Guayaquil have experienced a high increase in demand and have required modernization. In the case of Guayaquil it involved a new air terminal, once considered the best in South America and the best in Latin America and in Quito where an entire new airport has been built in Tababela and was inaugurated in February 2013, with Canadian assistance. However, the main road leading from Quito city centre to the new airport will only be finished in late 2014, making current travelling from the airport to downtown Quito as long as two hours during rush hour. Quito's old city-centre airport is being turned into parkland, with some light industrial use.
Electrical power outlets
Electrical power outlets in Ecuador are the same as in the US (110v).
Water supply and sanitation
Drinking water supply and sanitation in Ecuador is characterized by a number of achievements and challenges. One key achievement is a significant increase in both access to an improved water source (82% in 1990 to 96% in 2010 in urban areas) and improved sanitation (77% in 1990 to 96% in 2010 in urban areas). Significant increases in coverage in urban areas were achieved both by the public utility EMAAP-Q, serving the capital Quito, and the private concessionaire Interagua in the country's largest city Guayaquil. However, municipalities rely overwhelmingly upon central government investment, rather than recouping the costs at a local level. Another problem is intermittent water supply, which affects half of the urban areas. Also, only 8% of all collected wastewater is being treated. The level of non-revenue water is estimated at 65%, one of the highest in Latin America.
Mobile (cellular) phone frequencies
Mobile (cellular) phone frequencies in Ecuador are 850 MHz, 1900 MHz, and 1700/2100 MHz (LTE).
