Ecuador PESTLE Insights – A Macroeconomic Outlook Report

Mining, manufacturing, and utilities contributed 23.4% to the gross value added (GVA) in 2023, followed by wholesale, retail, and hotels (12.8%) and financial intermediation, real estate, and business activities (11.8%). In nominal terms, the three sectors are forecast to grow by 3.6%, 4.1%, and 5.3%, respectively, in 2024.

Quito is the major region in Ecuador, which contributed 24.4% to the country’s GDP and comprised 15.4% of the country’s population in 2023, according to MarketLine’s city database.

Scope

Ecuador’s Ministry of Transport and Public Works intends to increase private participation in the state road network from 17% to 40% by May 2025, with tenders prepared for 12 projects, including four high-priority ones, involving a total investment exceeding $1 billion.

Reasons to buy

Macroeconomic Outlook Report identifies the potentials of the country as an investment destination by analyzing the political, economic, social, technological, legal and environmental (PESTLE) structure.

PESTLE Insights provides 360 degree view of the economy which can be used as a strategic tool to understand the market dynamics, business potentials and direction of operations

Along with providing the country’s snapshot, the report captures the risk factors pertaining to the macroeconomic risks, political environment, legal environment, demographic and social structure effectiveness, technology & infrastructure and natural and geographic aspects that might impact business.

This report also highlights key clusters/cities which contribute significantly to the country GDP and population along with major companies’ presence in these areas.

Companies mentioned

AeroGal

Produbanco

Table of Contents

List of Exhibits

Did You Know?

Country Highlights

Key Economic Updates

Country Snapshot

Political Landscape

Economic Landscape

Social Landscape

Technological Landscape

Legal Landscape

Environmental Landscape

Outlook

List of Tables

Exhibit 1: Ecuador’s performance in terms of its country risk analysis in comparison to Latin America and the world average

Exhibit 2: Performance overview (score: 0–100)

Exhibit 3: Broad categories and weights behind the index

Exhibit 4: ECUINDEX Index

Exhibit 5: Key sectors’ contribution to the economy

Exhibit 6: FDI inflows and FDI inward stock (2018–22)

Exhibit 7: Greenfield FDI projects and net cross border M&A deals (2018–22)

Exhibit 8: Key infrastructure indicators

Exhibit 9: Real GDP and household consumption growth rate (2019–26f)

Exhibit 10: Real GDP growth rate comparison (2023e)

Exhibit 11: Volume of exports and imports growth (2019–26f)

Exhibit 12: Current account balance (2019–26f)

Exhibit 13: Top three commodity exports, % of total exports (2018–22)

Exhibit 14: Mineral fuels, mineral oils and products of their distillation export, % of world total (2022)

Exhibit 15: Interest rates (January 2020 – January 2024)

Exhibit 16: Exchange rate and inflation (2019–26f)

Exhibit 17: General government deficit (2019–26f)

Exhibit 18: General government debt (2019–26f)

Exhibit 19: Unemployment rate (2019–26f)

Exhibit 20: Labor force participation rate (2019–26f)

Exhibit 21: Average annual wages (2019–26f)

Exhibit 22: Rural/urban share of total population (1995, 2005, 2015, 2025f)

Exhibit 23: Age-group share of total population (2005, 2015, 2025f)

Exhibit 24: Gender split (1995, 2005, 2015, 2025f)

Exhibit 25: Internet users as a percentage of total population, mobile penetration rate and broadband penetration rate (2023e)

Exhibit 26: Number of patents granted per million population (2022)

Exhibit 27: High-technology exports, % of manufactured exports (2022)

Exhibit 28: Rule of law (rankings) 2023

Exhibit 29: Corruption perceptions index (rankings) (2022)

Exhibit 30: Renewable energy capacity (2018–23)

Exhibit 31: CO2 emissions (2018–22)

List of Figures

List of Figures

Exhibit 1: Ecuador’s performance in terms of its country risk analysis in comparison to Latin America and the world average

Exhibit 2: Performance overview (Score: 1-100)

Exhibit 3: Broad categories and weights behind the index

Exhibit 4: ECUINDEX Index (December 2021 – December 2022)

Exhibit 5: Key sectors’ contribution to the economy (2017-24f)

Exhibit 6: FDI inflows, and FDI inward stock (2017-21)

Exhibit 7: Greenfield FDI projects and net cross border M&As purchase deals in Ecuador (2017-21)

Exhibit 8: Key infrastructure indicators

Exhibit 9: Real GDP and household consumption growth rate (2017-24f)

Exhibit 10: Real GDP growth rate comparison (2021)

Exhibit 11: Export, import and trade balance (2017-24f)

Exhibit 12: Current account balance (2017-24f)

Exhibit 13: Top three commodity exports, % of total exports (2017-21)

Exhibit 14: Mineral fuels, mineral oils and products of their distillation, % of world total exports (2021)

Exhibit 15: Interest rates (January 2017 – November 2022)

Exhibit 16: Exchange rate (2017-24f))

Exhibit 17: Public finance (2017-24f)f)

Exhibit 18: General government debt (2017-24f)

Exhibit 19: Unemployment (2017-24f)

Exhibit 20: Average annual wages (2017-24f)

Exhibit 21: Labor force participation rate (2017-24f)

Exhibit 22: Rural/urban share of total population (1995, 2005, 2015, 2025)

Exhibit 23: Age-group share of total population (1995, 2005, 2015, 2025)

Exhibit 24: Gender split (1995, 2005, 2015, 2025)

Exhibit 25: Internet users as a percentage of total population, mobile penetration rate and broadband penetration rate (2021)

Exhibit 26: Number of patents granted per million population (2021)

Exhibit 27: High-technology exports (% of manufactured exports) (2021)

Exhibit 28: Doing business in Ecuador 2020

Exhibit 29: Corruption perceptions index (rankings) (2021)

Exhibit 30: CO2 emissions (2017-21)

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