Population
16,385,068 (2016 estimate)

Gross Domestic Product
$194.845 billion (2016 estimate)

Inflation Rate
-0.2% (December 2017)

Currency
United States Dollar (USD)

Calling Country Code
+593

Time Zone
UTC -5:00
UTC -6:00 (Galapagos Islands)

Quito (Capital)

Ecuador, officially the Republic of Ecuador (República del Ecuador, which literally translates as “Republic of the Equator”), is a representative democratic republic in northwestern South America, bordered by Colombia on the north, Peru on the east and south, and the Pacific Ocean to the west. Ecuador also includes the Galápagos Islands in the Pacific, about 1,000 kilometers (620 mi) west of the mainland. The capital city is Quito, while the largest city is Guayaquil.

Oil accounts for 40% of exports and contributes to maintaining a positive trade balance. Since the late 1960s, the exploitation of oil increased production, and proven reserves are estimated at 6.51 billion barrels as of 2011.

In the agricultural sector, Ecuador is a major exporter of bananas (first place worldwide in production and export), flowers, and the seventh largest producer of cocoa. Ecuador also produces coffee, rice, potatoes, cassava (manioc, tapioca), plantains and sugarcane; cattle, sheep, pigs, beef, pork and dairy products; fish, and shrimp; and balsa wood. The country’s vast resources include large amounts of timber across the country, like eucalyptus and mangroves. Industry is concentrated mainly in Guayaquil, the largest industrial center, and in Quito, where in recent years the industry has grown considerably. This city is also the largest business center of the country. Industrial production is directed primarily to the domestic market. Despite this, there is limited export of products. These include canned foods, liquor, jewelry, furniture, and more. A minor industrial activity is also concentrated in Cuenca. Income due to tourism has been increasing because of the efforts of the Government showing the variety of climates and the biodiversity in Ecuador.