Ecuador's GDP changed from approximately $16B 116M in 1980 to $121B 592M in 2024, showing an overall 654.5% sharply increased during the period.
The lowest GDP was recorded in 1989 at $11B 531M, and the highest in 2024 at $121B 592M.
Over the 44-year span, the GDP showed a overall increase with some decline trend, with an average annual growth rate of 4.7%.
For comparison, the average annual growth rate of Peru was 6.2%, and that of Colombia was 4.9%.
Ecuador GDP from 1980 to 2024
The total market value of goods and services produced annually in Ecuador.
Overview of Ecuador's GDP (1980–2024)
The Gross Domestic Product (GDP) of Ecuador recorded a 654.5% sharply increased from 1980 to 2024.
The average GDP during this period was $49B 761M, and the median was $27B 54M.
GDP fluctuated within a range of $110B 61M, with a standard deviation of $39B 32M.
The average annual change was $2B 757M.
Highest and Lowest GDP Records
- Lowest GDP: 1989, $11B 531M
- Highest GDP: 2024, $121B 592M
- Most Recent GDP: 2024, $121B 592M
Notable Annual GDP Changes
- 2021: Significant increase in GDP
- 2020: Noticeable drop in GDP
Overall pattern: overall increase with some decline
Global Economic Events and Ecuador's GDP
COVID-19 Pandemic (2020)
- Period: From 2019 to 2020
- GDP Change: $107B 596M → $95B 865M
- Outcome: sharply declined
2008 Global Financial Crisis
- Period: From 2007 to 2009
- GDP Change: $49B 849M → $60B 95M
- Outcome: sharply increased
2001 Dot-com Bubble Burst
- Period: From 2000 to 2001
- GDP Change: $17B 531M → $23B 127M
- Outcome: sharply increased
1998 Asian Financial Crisis
- Period: From 1997 to 1998
- GDP Change: $25B 847M → $26B 292M
- Outcome: increased
Key Economic Indicators of Ecuador (1980–2024)
| year | Nominal GDP | GDP per Capita | PPP per Capita | PPP GDP | GDP Growth | Current Account | Savings | Fiscal Balance | Population |
|---|---|---|---|---|---|---|---|---|---|
1980 | $ 16B 116M | $ 2,006.94 | $ 3,187.22 | $ 25B 594M | 4.9 % | -3.981 % | 17.95 % | 0 % | 8M 29K people |
1981 | $ 16B 501M | $ 1,997.60 | $ 3,523.70 | $ 29B 108M | 3.9 % | -6.048 % | 15.41 % | 0 % | 8M 260K people |
1982 | $ 16B 474M | $ 1,939.22 | $ 3,681.84 | $ 31B 277M | 1.2 % | -7.175 % | 17.25 % | 0 % | 8M 495K people |
1983 | $ 14B 478M | $ 1,657.98 | $ 3,617.73 | $ 31B 592M | -2.8 % | -0.794 % | 14.73 % | 0 % | 8M 733K people |
1984 | $ 15B 408M | $ 1,717.54 | $ 3,801.84 | $ 34B 107M | 4.2 % | -1.772 % | 14.05 % | 0 % | 8M 971K people |
1985 | $ 18B 20M | $ 1,956.38 | $ 3,988.17 | $ 36B 734M | 4.4 % | 0.422 % | 17.98 % | 0 % | 9M 211K people |
1986 | $ 13B 222M | $ 1,399.04 | $ 4,087.79 | $ 38B 633M | 3.094 % | -4.402 % | 14.63 % | 0 % | 9M 451K people |
1987 | $ 12B 355M | $ 1,274.85 | $ 3,841.24 | $ 37B 226M | -5.972 % | -9.608 % | 10.95 % | 0 % | 9M 691K people |
1988 | $ 11B 749M | $ 1,181.57 | $ 4,282.09 | $ 42B 580M | 10.486 % | -5.788 % | 14.39 % | 0 % | 9M 944K people |
1989 | $ 11B 531M | $ 1,131.67 | $ 4,355.12 | $ 44B 375M | 0.285 % | -6.201 % | 13.37 % | 0 % | 10M 189K people |
1990 | $ 11B 710M | $ 1,122.67 | $ 4,546.50 | $ 47B 421M | 3.008 % | -3.074 % | 12.74 % | 0 % | 10M 430K people |
1991 | $ 13B 139M | $ 1,231.28 | $ 4,828.95 | $ 51B 531M | 5.113 % | -5.388 % | 14.50 % | 0 % | 10M 671K people |
1992 | $ 14B 367M | $ 1,316.54 | $ 5,004.41 | $ 54B 611M | 3.614 % | -0.849 % | 17.70 % | 0 % | 10M 912K people |
1993 | $ 16B 783M | $ 1,505.19 | $ 5,114.18 | $ 57B 23M | 2 % | -5.058 % | 16.11 % | 0 % | 11M 150K people |
1994 | $ 20B 238M | $ 1,778.39 | $ 5,335.81 | $ 60B 721M | 4.258 % | -4.439 % | 15.73 % | 0 % | 11M 380K people |
1995 | $ 21B 980M | $ 1,895.19 | $ 5,465.66 | $ 63B 390M | 2.253 % | -4.55 % | 13.47 % | 1.707 % | 11M 598K people |
1996 | $ 23B 1M | $ 1,949.51 | $ 5,565.86 | $ 65B 669M | 1.732 % | -0.238 % | 16.54 % | 0.255 % | 11M 798K people |
1997 | $ 25B 847M | $ 2,156.32 | $ 5,814.13 | $ 69B 692M | 4.328 % | -1.767 % | 16.24 % | 1.098 % | 11M 987K people |
1998 | $ 26B 292M | $ 2,160.75 | $ 5,981.07 | $ 72B 778M | 3.267 % | -7.982 % | 14.01 % | -1.372 % | 12M 168K people |
1999 | $ 18B 891M | $ 1,530 | $ 5,694.44 | $ 70B 309M | -4.739 % | 4.86 % | 20.86 % | 2.311 % | 12M 347K people |