The Ecuadorian economy has experienced in the last decade a growth average of 2.8%, although in 1999 it underwent a serious backward movement of -7%. From end of the 60, the operation of petroleum has elevated the production over the 19 million tons -85.049.000 of barrels to year and their reserves calculate in about 280 million. Petroleum represents 40% of the exports and contributes to maintain positive a trade balance.
In the agricultural sector, Ecuador is an important exporter of bananas, and cut flowers, and the eighth worldwide producer of cacao. Its production of shrimp, sugar cane is significant also, rice, cotton, maize and coffee.
The industry is concentrated in Quito and Guayaquil, and is directed mainly to the internal market.
In 2005-2006, Ecuador negotiated a Free Trade Agreement with the United States, although finally President Correa indicated that he would suspend the negotiations.
In the agricultural sector, Ecuador is an important exporter of bananas, and cut flowers, and the eighth worldwide producer of cacao. Its production of shrimp, sugar cane is significant also, rice, cotton, maize and coffee.
The industry is concentrated in Quito and Guayaquil, and is directed mainly to the internal market.
In 2005-2006, Ecuador negotiated a Free Trade Agreement with the United States, although finally President Correa indicated that he would suspend the negotiations.
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