The Ecuador Insider

Auto and Housing Sectors:

According to the Ecuador Central Bank, in 2000 the amount of cars sold was 18,983, while in 2008 112,684, and in 2009 90,000 (A significant increase).

The local housing market has grown 86% from 2000 to 2010. Many feel these growths were primarily due to the increase in credit since the dollarization and the increase in remittances sent to Ecuador from family working abroad (in 2000 1,200 million was sent while in 2009 2,800 million).

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The Poverty Situation in Ecuador:

According to the Ecuador Central Bank, from 2000 to 2010, the percentage of the population in moderate poverty has fallen from 27% to 22%. The percentage of locals in extreme poverty has fallen from 40% in 2000 to 31% in 2010.

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Ecuador Fiscal Income and Tax Data:

Many of the nation’s rich are often heard complaining about the current level of taxation, but in actuality, now is simply the first time they have ever really had to pay taxes.

According to the Ecuador Central Bank, in 2000, the fiscal income was of $4,126 million, while in 2006 $11,263 million, and in 2009 $20,781 million.

However, many experts feel this has been offset by the high levels of spending the current administration is doing (for instance, many first time visitors to Ecuador think the country is trying to employ their entire male population by increasing the police force).

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Ecuador Employment Analysis:

The current unemployment rate of Ecuador in 2010 is of 9.1% of the population. In the 80s the unemployment rate averaged 7.6%, in the 90s 8.6%, and from 2000-2010 8.9%.

Many experts believe that even though the economy grew, the unemployment did not improve because Ecuador businesses have not made the necessary adjustments needed to stay competitive and more productive in the world economy of today.

The minimum wage was $97.50 for a month for a full time worker in 2000, $186.60 in 2006, and $254.20 at the start of 2010.

The problem is that the Consumer Price Index, or average cost of the basic household goods for one person for one month is at $528.90 (as calculated at the beginning of 2010) although locals find ways to spend much less. Regardless, the obvious gap is alarming.

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Production and GDP in Ecuador:

According to the Ecuador Central Bank the economy has shown steady growth throughout the decade, even during the the world financial crisis, in 2000 the brute production of the country was $15,934 million, in 2006 21,553 million, and in 2009 23,760 million.

The GDP, or output per person grew at a rate (compared to the year before) in 2000 at 2.80%, in 2003 3.58%, in 2006 3.89%, and in 2009 at .98%.

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