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%.
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.
Ecuador GDP from 1980 to 2024
The total market value of goods and services produced annually in Ecuador.
Data Source: International Monetary Fund
Image Source: Freepik from www.flaticon.com
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 |
