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Capital Quito
ISO 3166 Code EC
Population 15,908,400
Area, Sq KM 283,560
Currency United States dollar
Official Language Spanish
GDP, Billion USD 94,473
GDP Growth Rate, % 4.0
Inflation, Avg CP, % Chng 8.09
Interest Rates, % N/A
Unemployement Rate, % 5
Exchange Rate, 1 USD Equals 1.0
International dial code 593
Time Zone GMT-05:00
Internet TLD .ec

Ecuador is officially known as the Republic of Ecuador. This representative democratic republic is located in northwestern South America. The country shares it border with Peru on the east and south, Colombia on the north and the Pacific Ocean to the west. Ecuador also comprises of the Galápagos Islands in the Pacific which covers approximately 1,000 kilometers west of the mainland. A majority of the population in this country speaks Spanish which is also the official language of the country. Quito is the capital of Ecuador and Guayaquil is the largest city of the country. Keeping in view of the rich cultural heritage of the country, the historical center of Quito was declared in 1978, a UNESCO world heritage site. A variety of indigenous groups were gradually incorporated into the Inca Empire that ruled what is now Ecuador in the fifteenth century. The territory of the country was also colonized by Spain during the sixteenth century and the legacy of both the empires can be seen and felt in the country’s ethnically diverse population. 15.2 million people of Ecuador are mestizos which are followed by large minorities of European, African descendants and Amerindian. Due to its rich ecology, the new constitution in the year 2008 is the first country in the world to recognize legally enforceable Rights of Nature or ecosystem rights. The economy of the country is known to be the eighth largest in Latin America and it has experienced an average growth of 4.6% between the years 2000 and 2006. From 2007 to 2012 Ecuador's GDP grew at an average of 4.3 percent per annum since 2007 till 2012. Between the years 1999 and 2007, according to BCE, GDP of Ecuador doubled and reached 65,490 million dollars. The extreme poverty rate of the country also declined between the years 1999-2010. The unemployment rate of the country keeps fluctuating and as per the recent estimation in 2012, the annual unemployment rate was 4.8 percent. 40 percent of the exports are covered by oil which also contributes in maintaining a positive trade balance of the country. The country is the seventh largest producer of cocoa and is also an exporter of flowers and bananas. The currency of the Ecuador was changed in the year 2000 from Sucre to US dollar due to a banking crisis. The government increased social spending on social welfare as well as education from 2.6% to 5.2% of its GDP between the years 2006 and 2009.

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