Social and Economic Facts Infographic

Ecuador’s economy continues to grow, especially after being hit hard by COVID-19. Ecuador’s main industries are tourism, agriculture, and oil. Ecuador’s gross domestic product is 118.5 billion US dollars as of 2023, and its gross domestic product per capita is 14,500 US dollars. Gross domestic product, also known as GDP, is the total value of goods produced in a country. Compared to its neighbors, such as Peru or Colombia, Ecuador has a lower GDP due to its much smaller area. Ecuador’s GDP per capita is roughly the same as its neighbors.

Ecuador’s main exports are oil, bananas, and cacao. Bananas have been a key part of Ecuador’s economy ever since the 1950s. Ecuador has fertile soil and the tropical weather, which are the components necessary to grow bananas. Ecuador is also the top producer and exporter of bananas in the world, with 3.6 billion dollars worth of bananas being produced. Some of the premier banana-producing companies are Noboa Group, owned by the father of current Ecuadorian president Daniel Noboa, and international companies such as Dole Food Company or Chiquita Brands International.

Ecuador is also a big exporter of oil and petroleum. Ecuador has many rich oil reserves in the Amazon jungle, and produces about 500,000 barrels of oil a day as of 2022. However, there are many concerns about sustainability and the environment due to the land that is needed to produce oil. The top producer of oil is Petroecuador, a company that is owned by the Ecuadorian government.

Ecuador is also very invested in the industry of tourism. There were about 1.2 million people that visited Ecuador in 2024, with that number projected to rise in 2025 and in coming years. Ecuador’s projected revenue from tourism is close to 1 billion dollars, with key tourist sites such as the Galapagos Islands and Cotopaxi. Ecuador’s economy is centered around the industries of oil mining, banana production, and tourism, and will grow rapidly in coming years.