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Description Ecuador by rbd.me
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What is now Ecuador formed part of the northern Inca Empire until the Spanish conquest in 1533. Quito became a seat of Spanish colonial government in 1563 and part of the Viceroyalty of New Granada in 1717. The territories of the Viceroyalty - New Granada (Colombia), Venezuela, and Quito - gained their independence between 1819 and 1822 and formed a federation known as Gran Colombia. When Quito withdrew in 1830, the traditional name was changed in favor of the "Republic of the Equator." Between 1904 and 1942, Ecuador lost territories in a series of conflicts with its neighbors. A border war with Peru that flared in 1995 was resolved in 1999. Although Ecuador marked 25 years of civilian governance in 2004, the period has been marred by political instability. Protests in Quito have contributed to the mid-term ouster of Ecuador's last three democratically elected Presidents. In September 2008, voters approved a new constitution; Ecuador's twentieth since gaining independence. General elections, under the new constitutional framework, were held in April 2009.
WebCam
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Location
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Western South America, bordering the Pacific Ocean at the Equator, between Colombia and Peru
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Area - comparative
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slightly smaller than Nevada
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Natural resources Ecuador
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petroleum, fish, timber, hydropower
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Population Ecuador
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14,790,608 (July 2010 est.)
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Religions Ecuador
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Roman Catholic 95%, other 5%
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Languages
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Spanish (official), Amerindian languages (especially Quechua)
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Education Ecuador expenditures
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1% of GDP (2001)
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Government Ecuador type
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republic
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Independence
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24 May 1822 (from Spain)
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Ecuador Economy - overview
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Ecuador is substantially dependent on its petroleum resources, which have accounted for more than half of the country's export earnings and one-fourth of public sector revenues in recent years. In 1999/2000, Ecuador suffered a severe economic crisis, with GDP contracting by more than 6%. Poverty increased significantly, the banking system collapsed, and Ecuador defaulted on its external debt later that year. In March 2000, Congress approved a series of structural reforms that also provided for the adoption of the US dollar as legal tender. Dollarization stabilized the economy, and positive growth returned in the years that followed, helped by high oil prices, remittances, and increased non-traditional exports. From 2002-06 the economy grew 5.5%, the highest five-year average in 25 years. The poverty rate declined during this period but remained high at 38% in 2006. After moderate growth in 2007, the economy reached a growth rate of 6.5% in 2008, in large part due to high global petroleum prices. Poverty levels declined to about 35% by the end of 2008. President Rafael CORREA, who took office in January 2007, raised the specter of a sovereign debt default and followed through on those threats in December 2008, defaulting on $3.2 billion in international bonds, representing over 80% of Ecuador's private external debt. Economic policies under the CORREA administration - including an announcement in late 2009 terminating 13 bilateral investment treaties, one with the US - have generated economic uncertainty and discouraged both domestic and foreign private investment. The Ecuadorian economy contracted in 2009, mainly due to the global financial crisis, and also the sharp decline in world oil prices and remittance flows.
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Investment Ecuador
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27.5% of GDP (2009 est.)
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Industries Ecuador
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petroleum, food processing, textiles, wood products, chemicals
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Airports Ecuador
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57,785 (2009)
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