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Ecuador’s Economy and GDP
Ecuador’s Economy Overview
Ecuador is substantially dependent on its petroleum resources, which have accounted for more than half of the country's export earnings and approximately two-fifths of public sector revenues in recent years. In 1999/2000, Ecuador suffered a severe economic crisis as a result of a banking crisis with GDP contracting by 5.3%. In March 2000,the Congress approved a series of structural reforms that also provided for the adoption of the US dollar as legal tender. Dollarization stabilized the economy, and positive growth returned in the years that followed, helped by high oil prices, remittances, and increased non-traditional exports. From 2002-06 the economy grew an average of 5.2% per year, the highest five-year average in 25 years.After moderate growth in 2007, the economy reached a growth rate of 7.2% in 2008, in large part due to high global petroleum prices and increased public sector investment. President Rafael CORREA, who took office in January 2007, defaulted in December 2008 on Ecuador's sovereign debt, which, with a total face value of approximately US$3.2 billion, represented about 30% of Ecuador's public externaldebt. In May 2009, Ecuador bought back 91% of its "defaulted" bonds via an international reverse auction. Economic policies under the CORREA administration - including an announcement in late 2009 of its intention to terminate 13 bilateral investment treaties, including one with the United States - have generated economic uncertainty and discouraged private investment. The Ecuadorian economy slowedto 0.4% growth in 2009 due to the global financial crisis and to the sharp decline in world oil prices and remittance flows. Growth picked up to a 3.6% rate in 2010 and 6.5% in 2011. The government in 2011 signed a $2 billion loan with the state-owned China Development Bank, received $1 billion under a two-year forward sale of an oil contract, negotiated $571 million in financing with China'sEximbank for a new hydroelectric project, and announced plans to obtain further Chinese loans in 2012. China has become Ecuador's largest foreign bilateral lender since Quito defaulted in 2008, allowing the government to maintain a high rate of social spending.
The Economy in Ecuador as of 2011and 2012
The extreme poverty rate has declined significantly between 1999 and 2010. In 2001 it wasestimated at 40% of the population, while by 2011 the figure dropped to 17.4% of the total population. This is explained largely by emigration and economic stability achieved after adopting the U.S dollar as official means of transaction. Oil accounts for 40% of exports and contributes to maintaining a positive trade balance. Since the late '60s, the exploitation of oil increased production and reservesare estimated at 4.036 million barrels
The overall trade balance for August 2012 was a surplus of almost 390 million dollars 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. This circumstance was due to the fact that imports grew faster than exports. The oil trade balancepositive had revenues of $ 3.295 million in 2008, while non-oil was negative amounting to 2.842 million dollars.[citation needed] 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.

Ecuador’s GDP
GDP- Real Growth Rate

GDP: (2011forecast) $65.9 billion; (2010) $57.9 billion; (2009) $52.02 billion.
Real annual growth rate: (2011 forecast) 6.50%; (2010) 3.58%; (2009) 0.36%.
Per capita GDP: (2011 forecast) $4,578; (2010) $4,082; (2009) $3,714.
Natural resources: Petroleum, fish, shrimp, timber, gold, and copper.
GDP by activity (2010): Commercial trade (wholesale and retail) 14.9%; manufacturing 14.1% (types--food...