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 (WTrO) in 1996, but has failed to comply with many of its accession commitments. The aftermath of El Nino and depressed oil market of 1997-98 drove Ecuador's economy into a free-fall in 1999. The beginning of 1999 saw the banking sector collapse, which helped precipitate an unprecedented default on external loans later that year. Continued economic instability drove a 70% depreciation of the currency throughout 1999, which forced a desperate government to "dollarize" the currency regime in 2000. The move stabilized the currency, but did not stave off the ouster of the government. Gustavo NOBOA, who assumed the presidency in January 2000, has managed to pass substantial economic reforms and mend relations with international financial institutions. Ecuador completed its first standby agreement since 1986 when the IMF Board approved a 10 December 2001 disbursement of $96 million, the final installment of a $300 million standby credit agreement. In February 2003, newly installed president Lucio GUTIERREZ faced a budget gap and massive foreign debt. He has pledged to use oil revenues to pay off debt and is seeking additional IMF support.

purchasing power parity - $42.65 billion (2002 est.)

3.4% (2002 est.)

purchasing power parity - $3,200 (2002 est.)

agriculture: 11%
industry: 33%
services: 56% (2001 est.)

70% (2001 est.)

12.5% (2002 est.)

3.7 million (urban)

agriculture 30%, industry 25%, services 45% (2001 est.)

7.7%; note - widespread underemployment (2001 est.)

petroleum, food processing, textiles, metal work, paper products, wood products, chemicals, plastics, fishing, lumber

5.1% (2001 est.)