Economy of Ecuador
The economy of Ecuador is based mostly on exports of oil, bananas, shrimp, gold, other primary agricultural products and money transfers from nearly a million Ecuadorian emigrants employed abroad. In 2002, oil accounted for about one-third of public-sector revenue and 40% of export earnings. Ecuador is the world's largest exporter of bananas ($936.5 million in 2002) and a major exporter of shrimp ($251 million in 2002). Exports of non-traditional products such as flowers ($291 million in 2002) and canned fish ($333 million in 2002) have grown in recent years. Industry is largely oriented to servicing the domestic market.
The industrial sector has had enormous difficulty to emerge significantly. The industrial sector's main problem is the deficit of energy, which the current government has tackled with the improvement of performance on existing hydro plants, and the creation of new ones. Such projects currently include negotiation of the Coca-Codo hydroplant. Incentives of financing, tributary incentives, tariffs, and others will be implemented, that is intended to benefit areas of tourism, foods process, renewable and alternative energies, bioenergies, pharmaceutical and chemical products, biochemical and environmental biomedecine, services, automotive metallurgical industry, footwear, and automotive parts and pieces, among others.
In the agricultural sector, Ecuador is a major exporter of bananas (first place worldwide in production and export), flowers, and the eighth largest producer of cocoa. It is also significant the shrimp production, sugar cane, rice, cotton, corn, palm and coffee. The country's vast resources include large amounts of timber across the country, like eucalyptus and mangroves.
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 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.
Between 2006 and 2009, the government increased social spending, on social welfare, and education from 2.6% to 5.2% of its GDP. Starting in 2007 with an economy surpassed by the economic crisis, Ecuador was subject to a number of economic policy reforms by Government that have helped steer the Ecuadorian economy to a sustained, substantial, and focused to achieve financial stability and social policy.
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