Compare Ecuador (2007) - Ecuador (2008)

Compare Ecuador (2007) z Ecuador (2008)

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	Ecuador (2007)	Ecuador (2008)

Administrative divisions	22 provinces (provincias, singular - provincia); Azuay, Bolivar, Canar, Carchi, Chimborazo, Cotopaxi, El Oro, Esmeraldas, Galapagos, Guayas, Imbabura, Loja, Los Rios, Manabi, Morona-Santiago, Napo, Orellana, Pastaza, Pichincha, Sucumbios, Tungurahua, Zamora-Chinchipe	24 provinces (provincias, singular - provincia); Azuay, Bolivar, Canar, Carchi, Chimborazo, Cotopaxi, El Oro, Esmeraldas, Galapagos, Guayas, Imbabura, Loja, Los Rios, Manabi, Morona-Santiago, Napo, Orellana, Pastaza, Pichincha, Santa Elena, Santo Domingo de los Tsachilas, Sucumbios, Tungurahua, Zamora-Chinchipe
Budget	revenues: $11.26 billion expenditures: planned $9.928 billion (2006 est.)	revenues: $13.1 billion expenditures: planned $11.3 billion (2007 est.)
Debt - external	$16.93 billion (2006 est.)	$17.56 billion (31 October 2007)
Economy - overview	Ecuador has substantial petroleum resources, which have accounted for 40% of the country's export earnings and one-third of central government budget revenues in recent years. Consequently, fluctuations in world market prices can have a substantial domestic impact. In the late 1990s, Ecuador suffered its worst economic crisis, with natural disasters and sharp declines in world petroleum prices driving Ecuador's economy into free fall in 1999. Real GDP contracted by more than 6%, with poverty worsening significantly. The banking system also collapsed, and Ecuador defaulted on its external debt later that year. The currency depreciated by some 70% in 1999, and, on the brink of hyperinflation, the MAHAUD government announced it would dollarize the economy. A coup, however, ousted MAHAUD from office in January 2000, and after a short-lived junta failed to garner military support, Vice President Gustavo NOBOA took over the presidency. In March 2000, Congress approved a series of structural reforms that also provided the framework for the adoption of the US dollar as legal tender. Dollarization stabilized the economy, and growth returned to its pre-crisis levels in the years that followed. Under the administration of Lucio GUTIERREZ - January 2003 to April 2005 - Ecuador benefited from higher world petroleum prices. However, the government under Alfredo PALACIO reversed economic reforms that reduced Ecuador's vulnerability to petroleum price swings and financial crises, allowing the central government greater access to oil windfalls and disbursing surplus retirement funds.	Ecuador is substantially dependent on its petroleum resources, which have accounted for more than half of the country's export earnings and one-fourth of public sector revenues in recent years. In 1999/2000, Ecuador suffered a severe economic crisis, with GDP contracted by more than 6%, with a significant increase in poverty. The banking system also collapsed, and Ecuador defaulted on its external debt later that year. In March 2000, 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 2002-2006 the economy grew 5.5%, the highest five-year average in 25 years. The poverty rate declined but remained high at 38% in 2006. In 2006 the government of Alfredo PALACIO (2005-07) seized the assets of Occidental Petroleum for alleged contract violations and imposed a windfall revenue tax on foreign oil companies, leading to the suspension of free trade negotiations with the US. These measures, combined with chronic underinvestment in the state oil company, Petroecuador, led to a drop in petroleum production in 2007. PALACIO's successor, Rafael CORREA, raised the specter of debt default - but Ecuador has paid its debt on time. He also decreed a higher windfall revenue tax on private oil companies, then sought to renegotiate their contracts to overcome the debilitating effect of the tax. This generated economic uncertainty; private investment has dropped and economic growth has slowed significantly.
Exchange rates	the US dollar is used; the sucre was eliminated in 2000	1 the US dollar is used; the sucre was eliminated in 2000
Exports - commodities	petroleum, bananas, cut flowers, shrimp	petroleum, bananas, cut flowers, shrimp, cacao, coffee, hemp, wood, fish
GDP - composition by sector	agriculture: 6.1% industry: 35.3% services: 58.6% (2006 est.)	agriculture: 10% industry: 35% services: 54% (2007 est.)
GDP - real growth rate	4.1% (2006 est.)	2.6% (2007 est.)
Household income or consumption by percentage share	lowest 10%: 2% highest 10%: 32% note: data for urban households only (October 2003)	lowest 10%: 2% highest 10%: 35% note: data for urban households only (October 2006)
Imports	NA bbl/day	44,680 bbl/day (2004)
Imports - commodities	vehicles, medicinal products, telecommunications equipment, electricity	industrial materials, fuels and lubricants, nondurable consumer goods
Industrial production growth rate	5% (2006 est.)	1.4% (2007 est.)
Inflation rate (consumer prices)	3.3% (2006 est.)	3.3% (2007 est.)
International organization participation	CAN, CSN, FAO, G-77, IADB, IAEA, IBRD, ICAO, ICC, ICCt, ICRM, IDA, IFAD, IFC, IFRCS, IHO, ILO, IMF, IMO, Interpol, IOC, IOM, IPU, ISO, ITSO, ITU, ITUC, LAES, LAIA, Mercosur (associate), MIGA, MINUSTAH, NAM, OAS, OPANAL, OPCW, PCA, RG, UN, UNCTAD, UNESCO, UNHCR, UNIDO, Union Latina, UNMIL, UNMIS, UNOCI, UNWTO, UPU, WCL, WCO, WFTU, WHO, WIPO, WMO, WTO	CAN, CSN, FAO, G-77, IADB, IAEA, IBRD, ICAO, ICC, ICCt, ICRM, IDA, IFAD, IFC, IFRCS, IHO, ILO, IMF, IMO, Interpol, IOC, IOM, IPU, ISO, ITSO, ITU, ITUC, LAES, LAIA, Mercosur (associate), MIGA, MINUSTAH, NAM, OAS, OPANAL, OPCW, OPEC, PCA, RG, UN, UNCTAD, UNESCO, UNHCR, UNIDO, Union Latina, UNMIL, UNMIS, UNOCI, UNWTO, UPU, WCL, WCO, WFTU, WHO, WIPO, WMO, WTO
Labor force	4.38 million (urban) (2006 est.)	4.55 million (urban) (2007 est.)
Legislative branch	unicameral National Congress or Congreso Nacional (100 seats; members are elected through a party-list proportional representation system to serve four-year terms) elections: last held 15 October 2006 (next to be held in October 2010) election results: percent of vote by party - NA; seats by party - PRIAN 28; PSP 24; PSC 13; ID 7; PRE 6; MUPP-NP 6; RED 5; UDC 5; other 6; note - defections by members of National Congress are commonplace, resulting in frequent changes in the numbers of seats held by the various parties	unicameral National Congress or Congreso Nacional (100 seats; members are elected through a party-list proportional representation system to serve four-year terms) elections: last held 15 October 2006 (next to be held in October 2010) election results: percent of vote by party - NA; seats by party - PRIAN 28; PSP 24; PSC 13; ID 7; PRE 6; MUPP-NP 6; RED 5; UDC 5; other 6; note - defections by members of National Congress are commonplace, resulting in frequent changes in the numbers of seats held by the various parties; as of 29 November 2007, Congress is on indefinite recess
Pipelines	extra heavy crude oil 578 km; gas 71 km; oil 1,386 km; refined products 1,185 km (2006)	extra heavy crude oil 578 km; gas 71 km; oil 1,389 km; refined products 1,185 km (2007)
Political parties and leaders	Alianza PAIS Movement [Rafael Vicente CORREA Delgado]; Christian Democratic Union or UDC [Dr. Juan Manuel FUERTES]; Concentration of Popular Forces or CFP; Democratic Left or ID [Guillermo LANDAZURI]; Ethical and Democratic Network or RED [Leon ROLDOS]; National Action Institutional Renewal Party or PRIAN [Alvaro NOBOA]; Pachakutik Plurinational Unity Movement - New Country or MUPP-NP [Gilberto TALAHUA]; Patriotic Society Party or PSP [Lucio GUTIERREZ Borbua]; Popular Democratic Movement or MPD [Gustavo TERAN Acosta]; Roldosist Party or PRE [Abdala BUCARAM Ortiz, director]; Social Christian Party or PSC [Leon FEBRES CORDERO]; Socialist Party - Broad Front or PS-FA [Victor GRANDA]	Alianza PAIS Movement [Rafael Vicente CORREA Delgado]; Christian Democratic Union or UDC [Diego ORDONEZ Guerrero]; Concentration of Popular Forces or CFP; Democratic Left or ID [Andres PAEZ Benalcazar]; Ethical and Democratic Network or RED [Leon ROLDOS]; National Action Institutional Renewal Party or PRIAN [Alvaro NOBOA]; Pachakutik Plurinational Unity Movement - New Country or MUPP-NP [Gilberto TALAHUA]; Patriotic Society Party or PSP [Lucio GUTIERREZ Borbua]; Popular Democratic Movement or MPD [Ciro GUZMAN Aldaz]; Roldosist Party or PRE [Abdala BUCARAM Ortiz, director]; Social Christian Party or PSC [Pascual DEL CIOPPO]; Socialist Party - Broad Front or PS-FA [Gustavo AYALA Cruz]
Population below poverty line	38.5% (2005-06)	38.3% (2006)
Unemployment rate	10.6% official rate; but underemployment of 47% (2006 est.)	9.8% (2007 est.)

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