Ecuador Economy is mainly based on agriculture, mining and fishing. The exploration and exportation of oil have played a predominant role in the Ecuadorian Economy since the early 1970s. However, over the last century, economic development depended on the exports of first cocoa and then bananas, of which Ecuador was the world's largest exporter for several decades. Agricultural exports primarily came from coastal lowlands.
More than one third of the work force engages in agriculture, which accounts approximately 20% of the gross national product. The main cash crops supporting the Economy in Ecuador are coffee, bananas and cocoa while subsistence crops are corn, potato, barley, manioc, rice and wheat. The industries include food processing, metal works, manufacturing of textiles, wood products, chemicals and plastics, while petroleum being the country's largest industry.
Economy of Ecuador is quite dependent on Ecuador Oil, as oil is Ecuador's leading export followed by coffee, bananas, cocoa, shrimp and fish products. Apart from these items, sugar, rice and copper are also exported in handsome quantities. Industries started developing since the late 1950s and especially since the mid 1970s. In addition to agricultural, marine and forest products, there are modern textiles, chemical, petrochemical, electronic, steel, shipbuilding and building-material industries . The main industrial center is Guayaquil and its surroundings with Quito being the second most important. Almost three fourth of Ecuador's Economy is concentrated in these areas.
For more reference on Ecuador Economy refer to:
- Ecuador Oil
- Ecuador Real Estate
