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Ecuador Business Report

General information
Source: The World Factbook - Central Intelligence Agency
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Population
16,498,502 (July 2018 est.)
GDP (PPP)
$193.0 billion (2017 est.)

GDP growth rate
2.4% (2017 est.)

The country is recovering from the 2016 recession. Ecuador is substantially dependent on its petroleum resources (1/3 of earning export), the oil price decrease affect negatively the economy

GDP (PPP) per capita
$11,500 (2017 est.)

Low. High income inequality

Local currency
US Dollar (USD)

The US dollar became Ecuador's currency in 2001

Financial stability (Public debt)
45.4% of GDP (2017 est.)

Low, however it increased sharply in the last years

Inflation
0.4% (2017 est.)

Low

Language
Spanish (official)

English is not widely spoken

Corruption perception index (Source: Transparency International)
Rank 114/180

Very high level of corruption

Duties and tax
Source: PwC World Tax Summaries 2017-2018
VAT
12% standard VAT rate
No VAT on some goods/services (most agricultural goods and foodstuff, drugs, medicines, pharmaceutical products, fertilisers, insecticides, animal foods, paper, books, transportation of persons and cargo, agricultural machinery, housing rental, most of utilities)
Corporate Tax
From 22% to 28% if distributed or undistributed profits of local corporations and branches
From 12% to 18% if reinvested profits of local corporations and branches
Duties
Most consumer goods imports pay 25%, while intermediate goods are usually imported at a 10% or 15% rate.
Raw materials and capital goods generally pay 0% to 5%. In addition to import duties, all imports are subject to 12% VAT and other minor taxes that do not exceed 1%. Charges are based on the cost, insurance, and freight (CIF) value of the merchandise.

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