Diplomatic representation from the US:
chief of mission: Ambassador Leslie M. ALEXANDER
embassy: Avenida 12 de Octubre y Avenida Patria, Quito
mailing address: APO AA 34039
consulate(s) general: Guayaquil
Flag description: 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
Economy—overview: Ecuador has substantial oil resources and rich agricultural areas. Because the country exports primary products such as oil, bananas, and shrimp, fluctuations in world market prices can have a substantial domestic impact. Ecuador joined the World Trade Organization in 1996, but has failed to comply with many of its accession commitments. In recent years, growth has been uneven due to ill-conceived fiscal stabilization measures. The populist government of Abdala BUCARAM Ortiz proposed a major currency reform in 1996, but popular discontent with BUCARAM'S austerity measures and rampant official corruption led to his replacement by National Congress with Fabian ALARCON in February 1997. ALARCON adopted a minimalist economic program that put off necessary reforms until August 1998 when President Jamil MAHUAD was elected. MAHAUD inherited an economy in crisis due to mismanagement, El Nino damage to key export sectors such as agriculture, and low world commodity prices in the wake of the Asian financial crisis. MAHAUD announced a fiscal austerity package and expressed interest in an IMF agreement but faces major difficulties in promoting economic growth, including possible political objections to further reform.
GDP: purchasing power parity—$58.7 billion (1998 est.)
GDP—real growth rate: 1% (1998 est.)
GDP—per capita: purchasing power parity?$4,800 (1998 est.)
GDP—composition by sector: agriculture: 12% industry: 37% services: 51% (1996 est.)
Population below poverty line: 35% (1994 est.)
Household income or consumption by percentage share: lowest 10%: 2.3% highest 10%: 37.6% (1994)