Accountancy in Ecuador

Country overview

Ecuador is located in western South America, crossed by the equator line in the middle of the world, has 16.8 million in population, estimate 2018. 80% of Ecuador’s population is Catholic.

Spanish is the official and dominant language in Ecuador. There are other native languages, of the region such as the Kichwa and Shuar, official languages of intercultural relations user.

The Republic of Ecuador has four geographical regions: Coast, Rockies, Rain Forest and volcanic archipelago, the major cities me, Quito the capital, Guayaquil the economic capital, Puerto Ayora and San Cristobal entrance to Galapagos Island the biggest tourist attraction and Cuenca the Cultural capital. Bordering the Pacific Ocean and between Colombia and Peru.

Ecuadorian economy is based mainly on the export of oil and other products such as; bananas, cocoa, shrimp, flowers. The Gross Domestic Product in the first quarter of 2018 reached US $ 26.47 million.

Economic overview

Ecuador has substantial petroleum resources and rich agricultural areas. Because the country exports primary products such as oil, bananas, cacao, flowers, and shrimp; fluctuations in world market prices can have a substantial domestic impact. The workforce makes up 8.2 million of the population, with an unemployment rate of 4.4% and underemployment 18.3%.

In 2000, Ecuador adopted the U.S. Dollar as the official currency of Ecuador, which has contributed in recent years to exist relative macroeconomic stability.

Transport infrastructure

The main International Airports are in Quito (UIO), Guayaquil (GYE), San Cristobal (SCY) and Seymour (GPS) in Galapagos Islands. Ecuador and another 21 operational local airports. There are modern international airports in Quito and Guayaquil; that will be complete with Free Trade Zones. Ports and harbours in Guayaquil, with Free Trade Zones.


Latest version updated 11th April 2019

Country Breakdown

16.6

Million

Population

$

United States Dollar

Currency

$ 103.06

Billion

GDP

283,560

km2