ubre y Avenida Patria, Quito
mailing address: APO AA 34039-3420
telephone: [593] (2) 562-890, 561-624, 561-749
FAX: [593] (2) 502-052
consulate(s) general: Guayaquil

Flag: three horizontal bands of yellow (top, double width), blue, and
red with the coat of arms superimposed at the center of the flag;
similar to the flag of Colombia that is shorter and does not bear a
coat of arms

@Ecuador:Economy

Overview: Ecuador has substantial oil resources and rich agricultural
areas. Growth has been uneven in recent years because of fluctuations
in prices for Ecuador's primary exports - oil and bananas - as well as
because of government policies designed to curb inflation. President
Sixto DURAN-BALLEN launched a series of macroeconomic reforms when he
came into office in August 1992 which included raising domestic fuel
prices and utility rates, eliminating most subsidies, and bringing the
government budget into balance. These measures helped to reduce
inflation from 55% in 1992 to 25% in 1994. DURAN-BALLEN has a much
more favorable attitude toward foreign investment than his predecessor
and has supported several laws designed to encourage foreign
investment. Ecuador has implemented free or complementary trade
agreements with Bolivia, Chile, Colombia, Peru, and Venezuela, as well
as applied for World Trade Organization membership. Ecuador signed a
standby agreement with the IMF and rescheduled its $7.6 billion
commercial debt in 1994 thereby regaining access to multilateral
lending. Growth in 1994 speeded up to 3.9%, based on increased exports
of bananas and non-traditional products, while international reserves
increased to a record $1.6 billion.

National product: GDP - purchasing power parity - $41.1 billion (1994
est.)

National product real growth rate: 3.9% (1994 est.)

National product per capita: $3,840 (1994 est.)

Inflation rate (consumer prices): 25% (1994)

Unemployment rate: 7.1% (1994)

Budget:
revenues: $2.76 billion
expenditures: $2.76 billion, including capital expenditures of $NA
(1994)

Exports: $3.3 billion (f.o.b., 1994 est.)
commodities: petroleum 39%, bananas 17%, shrimp 16%, cocoa 3%, coffee
6%
partners: US 42%, Latin America 29%, Caribbean, EU countries 17%

Imports: $3 billion (f.o.b., 1994 est.)
commodities: transport equipment, consumer goods, vehicles, machinery,
chemicals
partners: US 28%, EU 17%, Latin America 31%, Caribbean, Japan