About
The "Republic of the Equator" was one of three countries
that emerged from the collapse of Gran Colombia in 1830 (the others are Colombia and Venezuela). Between 1904 and 1942,
Ecuador lost territories in a series of conflicts with its neighbors. A border war with Peru that flared in 1995 was resolved
in 1999. Although Ecuador marked 25 years of civilian governance in 2004, the period has been marred by political instability.
Seven presidents have governed Ecuador since 1996.
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Source: The World Factbook
Population: 13,363,593 (July 2005 est.)
Capital: Quito
Languages: Spanish (official), Amerindian languages (especially Quechua)
Religions: Roman Catholic 95%, other 5%
Government: republic
Climate: tropical along coast, becoming cooler inland at higher elevations; tropical in Amazonian jungle
lowlands
Terrain: coastal plain (costa), inter-Andean central highlands (sierra), and flat to
rolling eastern jungle (oriente)
Geography: Cotopaxi in Andes is highest active volcano in world
Ethnic groups: mestizo (mixed Amerindian and white) 65%, Amerindian 25%, Spanish and others 7%, black
3%
Economy: Ecuador
has substantial petroleum resources, which have accounted for 40% of the country's export earnings and one-fourth 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, and the new government
under Alfredo PALACIO has proposed economic reforms to reduce Ecuador's vulnerability to petroleum price swings and financial
crises. High oil prices have kept the current account in surplus. PALACIO is committed to spending a part of the oil windfall
on social projects.
GDP per capita: purchasing power parity - $3,900 (2005 est.)
GDP real growth: 3% (2005 est.)
Unemployment rate: 11.2%; note - underemployment of 47% (2005
est.)
Internet country code: .ec
Dial code: +593
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Local currency is the US Dollar
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