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
Economy ———-
Economic 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 1995. 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 joined the World Trade Organization. Growth slowed to 2.3% in 1995 due in part to high domestic interest rates and shortages of electric power.
GDP: purchasing power parity - $44.6 billion (1995 est.)
GDP real growth rate: 2.3% (1995 est.)
GDP per capita: $4,100 (1995 est.)
GDP composition by sector: agriculture: 13% industry: 39% services: 48% (1992 est.)
Inflation rate (consumer prices): 25% (1995)
Labor force: 2.8 million by occupation: agriculture 35%, manufacturing 21%, commerce 16%, services and other activities 28% (1982)
Unemployment rate: 7.1% (1994)