GIBF E Magazine AUG-SEPT-2019 GIBF The Business Tycoons Magazine Aug-Sept | Page 42

Naturally Rich
Ecuador's main natural resources are petroleum,
fish, timber and hydropower. Its main hazards
are frequent earthquakes, landslides, volcanic
activity, floods and periodic droughts. In the
agricultural sector, Ecuador is a major exporter of
bananas (first place worldwide in production
and export), flowers, and the eighth largest
producer of cocoa. It is also significant in shrimp
production, sugar cane, rice, cotton, corn, palm
and coffee.
Economy
The economy of Ecuador is the eighth largest in Latin America and the 69th largest in the world by total
GDP.[13] Ecuador's economy is based on the export of oil, bananas, shrimp, gold, other primary
agricultural products and money transfers from Ecuadorian emigrants employed abroad.[14] In 2017,
remittances constituted 2.7% of country's GDP. The total trade amounted to 42% of the Ecuador's GDP in
2017. The country is substantially dependent on its petroleum resources. In 2017, oil accounted for about
one-third of public-sector revenue and 32% of export earnings
Main Industries : petroleum, food processing, textiles, wood products, chemicals
GDP –By Sector : Agriculture: 6.7%, Industry: 32.9%, Services: 60.4% (2017 est.)
Exports : $19.3 billion (2017)
Exports - commodities: petroleum, bananas, cut flowers, shrimp, cacao, coffee, wood, fish.
Exports - partners: United States 31%, Vietnam 7.6%, Chile 6.9%, Panama 4.8%, Russia 4.7% (2017.)
Imports : $19.3 billion (2017)
Imports - commodities: industrial materials, fuels and lubricants, nondurable consumer goods.
Imports - partners: United States 19%, China 19%, Colombia 7.8%, Brazil 4.5%, Panama 4.4% (2017).
RENEWABLE RESOURCES
The National Plan for Good Living 2013–2022 (PNBVSENPLADES 2013-2017) sets a target of
reaching 60 per cent of national capacity from renewable energy sources by 2017. Objective 11.1
of this National Plan lays special emphasis on hydropower and bioenergy. The Electrification
Master Plan 2013–2022, approved by Resolution CONELEC 041/13, puts forward plans for 25
hydropower projects totalling 4.2GW of new capacity by 2022, as well as an additional 217MW of
solar, wind and other non-conventional renewables. Previously, the National Plan for Good Living
2009–2013 had set out a target of six percent of installed capacity being sourced from renewable
energy (other than large hydro) by 2013
Renewable energy sources are expected to play a growing part in meeting future energy demands,
and with the right government support will ideally one day end Ecuador's dependence on imported
fossil fuels.