ECUADOR
Flag + facts
The flag of Ecuador has unequal horizontal bands of yellow, blue, and red. The coat of arms appears in the middle of the flag when the flag is used abroad or for official purposes to distinguish it from Colombia. The coat of arms design contains a condor sitting atop a shield, within which there are snow capped mountains, a steamship, and a sun. On the edges of the shield are draped flags, and a wreath and fasces finish off the design. The flag of Ecuador has undergone many changes throughout the centuries. It has been inspired by the flags of many former Spanish colonies, such as the flags of Argentina and Venezuela patriots. On June 2, 1822, the flag had a white base and a blue canton with a white star on it. On March 6, 1845, the design was changed to feature white-blue-white vertical stripes, plus three white stars. Later in the year, the amount was increased to seven stars. On September 26, 1860, under Gabriel García Moreno, the flag took on the same design as the flag of Colombia; unequal stripes of yellow, blue, and red. This change was ratified twice, once on January 10, 1861 and again on December 5, 1900: Since then, the flag of Ecuador has not been changed. The yellow of the flag represents sunshine, grain, and mineral wealth. The blue represents the sky, sea, and rivers, while the red represents the blood of patriots spilled when they fought for freedom and justice.
ECONOMY
Ecuador’s economy has fluctuated over the course of its history. It is driven by crude oil export and the service sector, which includes tourism (primarily to the Galápagos Islands) and transportation. Ecuador has large oil reserves and ranks 5th in oil production in South America. In general, although exportation of oil contributes to 20% of Ecuador’s GDP, oil revenues for the country vary depending on oil prices. The service sector contributes to half of Ecuador’s GDP and employs three-fifths of the labor force. Agriculture also employs a large number of people and thrives because Ecuador’s rich soil and varied climates support diverse agricultural production. Therefore, in addition to crude oil, some of Ecuador’s primary exports are bananas, cocoa beans, and flowers, plus fish and shrimps. The country’s main imports are manufactured products, such as refined petroleum, cars, and natural gas. These exports contribute to Ecuador’s GDP, which is $118.845 billion and ranks Ecuador as the 69th largest economy in the world. The GDP growth rate decreased by 3.83%, from 6.19% in 2022 to 2.36% in 2023 with a GDP per capita of $14,500. This GDP per capita is still low compared to neighboring countries. In the same year, Colombia was reported to have a GDP per capita of $18,700 and Peru to have a GDP per capita of $15,300. Overall, due to factors such as oil price variation, Ecuador’s economy is predicted to be slow in growth in years to come.