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Economy of Ecuador vs Estonia compared: GDP & Debt

Updated on by Georank team

Ecuador has a GDP of $125B compared to $43.1B for Estonia, ranking 62/197 and 100/197 by economy size, respectively.

Ecuador has $67B in government debt (53.8% of GDP), compared to $10.1B (23.4% of GDP) in Estonia.

Ecuador vs Estonia GDP by year

Ecuador
Estonia
1x
Year GDP, current $
Ecuador Estonia
2024 $124,676,074,700 $43,130,419,829
2023 $121,147,057,000 $41,470,344,395
2022 $116,133,121,000 $38,226,641,740
2021 $107,179,074,000 $37,201,101,171
2020 $95,865,473,000 $31,820,771,494
2019 $107,595,830,000 $31,873,748,770
2018 $107,478,961,000 $31,222,632,741
2017 $104,467,486,000 $27,469,461,919
2016 $97,671,433,000 $24,561,027,788
2015 $97,209,558,000 $23,311,847,751
2014 $102,717,794,000 $27,055,689,003
2013 $96,570,334,000 $25,451,032,781
2012 $87,735,048,000 $23,237,406,116
2011 $78,986,648,000 $23,303,915,795
2010 $68,151,329,000 $19,524,355,419
2009 $60,094,978,000 $19,633,984,440
2008 $61,139,438,000 $24,342,935,404
2007 $49,848,725,000 $22,450,264,166
2006 $45,690,762,000 $17,025,671,810
2005 $40,278,849,000 $14,109,491,357
2004 $35,194,947,000 $12,148,595,031
2003 $30,965,208,000 $9,876,595,528
2002 $27,054,197,000 $7,370,119,619
2001 $23,127,055,000 $6,250,218,423
2000 $17,539,454,727 $5,686,579,748
1999 $19,645,272,636 $5,756,912,266
1998 $27,981,896,948 $5,674,080,543
1997 $28,162,053,027 $5,154,420,649
1996 $25,226,393,197 $4,786,018,988
1995 $24,432,884,442 $4,502,970,889
1994 $22,708,673,337 $4,123,011,420
1993 $18,938,717,359 $4,013,091,682
1992 $18,094,238,119 -
1991 $16,988,535,268 -
1990 $15,239,272,612 -
1989 $13,890,823,705 -
1988 $13,051,881,851 -
1987 $13,945,426,859 -
1986 $15,314,138,472 -
1985 $17,149,088,413 -
1984 $16,912,509,092 -
1983 $17,152,477,037 -
1982 $19,929,846,396 -
1981 $21,810,759,354 -
1980 $17,881,508,242 -
1979 $14,175,160,902 -
1978 $11,922,497,876 -
1977 $11,026,342,618 -
1976 $9,091,921,030 -
1975 $7,731,674,472 -
1974 $6,599,257,044 -
1973 $3,891,754,150 -
1972 $3,185,986,087 -
1971 $2,754,219,271 -
1970 $2,862,503,139 -
1969 $3,112,165,727 -
1968 $2,582,179,864 -
1967 $2,553,595,172 -
1966 $2,429,308,639 -
1965 $2,387,047,396 -
1964 $2,244,146,103 -
1963 $1,824,343,871 -
1962 $1,518,207,703 -
1961 $1,753,850,955 -
1960 $2,069,464,937 -

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

GeoRank.org/economy/ecuador/estonia | CC BY

GDP per capita in Ecuador vs Estonia by year

Ecuador
GDP per capita

GDP per capita, PPP
Estonia
GDP per capita

GDP per capita, PPP
1x
Year Current $
Ecuador Estonia
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $6,875 $15,840 $31,428 $49,969
2023 $6,738 $15,919 $30,264 $48,637
2022 $6,516 $15,198 $28,340 $48,218
2021 $6,061 $13,507 $27,951 $44,252
2020 $5,464 $11,527 $23,934 $40,672
2019 $6,205 $12,543 $24,021 $40,586
2018 $6,304 $12,187 $23,618 $37,121
2017 $6,233 $11,793 $20,852 $34,507
2016 $5,918 $10,881 $18,666 $31,948
2015 $5,976 $10,878 $17,722 $29,713
2014 $6,406 $11,836 $20,582 $29,404
2013 $6,109 $11,296 $19,310 $27,831
2012 $5,634 $10,245 $17,568 $26,243
2011 $5,154 $9,769 $17,556 $24,652
2010 $4,520 $8,969 $14,664 $21,614
2009 $4,053 $8,662 $14,712 $20,489
2008 $4,195 $8,663 $18,206 $22,804
2007 $3,479 $8,112 $16,745 $22,201
2006 $3,244 $7,885 $12,641 $19,344
2005 $2,909 $7,457 $10,415 $16,638
2004 $2,586 $6,980 $8,916 $14,538
2003 $2,316 $6,475 $7,205 $13,135
2002 $2,059 $6,282 $5,343 $11,667
2001 $1,791 $5,999 $4,503 $10,309
2000 $1,382 $5,728 $4,071 $9,425
1999 $1,575 $5,638 $4,141 $8,412
1998 $2,284 $5,940 $4,093 $8,451
1997 $2,341 $5,793 $3,683 $7,980
1996 $2,136 $5,560 $3,381 $6,892
1995 $2,108 $5,469 $3,134 $6,480
1994 $1,997 $5,339 $2,819 $5,967
1993 $1,698 $5,112 $2,686 $5,814
1992 $1,655 $4,998 - $5,872
1991 $1,587 $4,887 - $7,151
1990 $1,455 $4,632 - $7,481
1989 $1,356 - - -
1988 $1,304 - - -
1987 $1,426 - - -
1986 $1,604 - - -
1985 $1,842 - - -
1984 $1,864 - - -
1983 $1,940 - - -
1982 $2,314 - - -
1981 $2,601 - - -
1980 $2,190 - - -
1979 $1,783 - - -
1978 $1,541 - - -
1977 $1,465 - - -
1976 $1,242 - - -
1975 $1,086 - - -
1974 $954 - - -
1973 $579 - - -
1972 $488 - - -
1971 $434 - - -
1970 $465 - - -
1969 $521 - - -
1968 $445 - - -
1967 $454 - - -
1966 $445 - - -
1965 $450 - - -
1964 $436 - - -
1963 $365 - - -
1962 $312 - - -
1961 $371 - - -
1960 $451 - - -

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

GeoRank.org/economy/ecuador/estonia | CC BY

Ecuador's GDP per capita is $6,875, ranking 103/197, compared to $31,428 in Estonia, ranking 40/197. Adjusted for purchasing power (GDP per capita PPP), Ecuador ranks 110th at $15,840, while Estonia ranks 45th at $49,969.

Economic indicators

Ecuador Estonia
Gross domestic product
$125B
2024
$43.1B
2024
GDP rank
62/197
2024
100/197
2024
GDP growth
-2%
2023-2024
-0.09%
2023-2024
GDP per capita
$6,875
2024
$31,428
2024
GDP per capita rank
103/197
2024
40/197
2024
GDP per capita, PPP
$15,840
2024
$49,969
2024
GDP per capita PPP rank
110/197
2024
45/197
2024
Government debt
$67B
2024
$10.1B
2024
Debt-to-GDP ratio
53.8%
2024
23.4%
2024
Government debt per person
$3,695
2024
$7,356
2024
Government debt per person rank
93/185
2024
65/185
2024
Average annual personal income after taxes
$5,894
2026
$23,740
2026
Market capitalization of domestic companies
$747M
2000
n/a
Number of billionaires n/a
2
2025
Income share by richest 10%
33.4%
2024
23.7%
2023
Income share by poorest 10%
1.5%
2024
3.1%
2023
Government expenditure, % of GDP
38.1%
2024
43.6%
2024
Consumer prices inflation
1.55%
2023-2024
3.52%
2023-2024
Unemployment rate
3.39%
2024
7.5%
2024
Population
18487749
1339590

Spending and national debt comparison by year

Ecuador
Spending

Debt
Estonia
Spending

Debt
1x
Year % of GDP
Ecuador Estonia
Government spending Government debt Government spending Government debt
2024 38.1% 53.8% 43.6% 23.4%
2023 39.5% 54.3% 43.5% 20.1%
2022 38.9% 57.2% 40.1% 19.2%
2021 37.5% 61.8% 42.1% 18.4%
2020 40.2% 63.6% 44.7% 19.1%
2019 39.8% 52.1% 39.1% 9.05%
2018 40.9% 49.5% 38.8% 8.51%
2017 40.5% 47.4% 38.9% 9.43%
2016 44.1% 46.1% 38.9% 10.2%
2015 44.1% 36.4% 39.3% 10.8%
2014 45.9% 28.2% 37.6% 11.6%
2013 46.7% 23.4% 38.3% 11.4%
2012 43.2% 19.3% 39.4% 11.1%
2011 39.6% 18.6% 37.6% 7.6%
2010 35.4% 18.4% 40.7% 7.99%
2009 34.3% 19.7% 46.1% 7.98%
2008 35.6% 24.9% 39.5% 4.67%
2007 24.7% 29.6% 33.8% 3.91%
2006 21.7% 33.1% 33.5% 4.72%
2005 22% 35.8% 33.7% 4.73%
2004 21.3% 40.2% 34.1% 5.16%
2003 21.3% 47.2% 35% 5.6%
2002 22.8% 55% 35.9% 5.66%
2001 21.4% 63.8% 35.3% 4.93%
2000 24.3% 92.2% 36.4% 5.11%
1999 24.1% 105.2% 40.7% 5.93%
1998 21.5% 70.3% 38.9% 5.4%
1997 22% 61.5% 35.8% 6.03%
1996 22.7% 69.3% 38.6% 7.3%
1995 22% 70.5% 39.5% 8.66%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1995–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1995–2000, retrieved 2026-02-20).

GeoRank.org/economy/ecuador/estonia | CC BY

In 2024, Ecuador's government spending was $47.5B, accounting for 38.1% of its GDP, while Estonia spent $18.8B, or 43.6% of GDP.

Debt-to-GDP ratio is 53.8% in Ecuador and 23.4% in Estonia, ranking 98/185 and 171/185, respectively.

Government deficit by year

Deficit/surplus
Ecuador

Estonia
1x
Year Deficit/surplus, % of GDP
Ecuador Estonia
2024 -1.28% -1.51%
2023 -3.48% -3.13%
2022 0.04% -1.08%
2021 -1.59% -2.57%
2020 -7.38% -5.42%
2019 -3.47% -0.11%
2018 -2.8% -1.15%
2017 -5.77% -1.07%
2016 -10.3% -0.62%
2015 -6.87% -0.24%
2014 -8.11% 0.42%
2013 -8.17% -0.66%
2012 -2.83% -0.86%
2011 -0.13% 0.09%
2010 -1.39% -1.09%
2009 -3.71% -3.43%
2008 0.57% -2.92%
2007 2.66% 2.5%
2006 2.92% 2.71%
2005 0.66% 1.07%
2004 1.94% 2.29%
2003 1.05% 1.67%
2002 0.74% 0.29%
2001 0.03% 0.4%
2000 -0.32% -0.11%
1999 -4.82% -3.42%
1998 -5.1% 0.65%
1997 -2.83% 2.98%
1996 -3.44% -0.93%
1995 -2.02% -0.26%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1995–2024, retrieved 2026-02-20).

GeoRank.org/economy/ecuador/estonia | CC BY

In 2024, Ecuador's government deficit, the difference between spending and revenue, was $1.59B, equivalent to 1.28% of GDP. This compares to Estonia's deficit of $651M, or 1.51% of GDP.

Over the past 30 years, Ecuador recorded a fiscal deficit in 21 of those years, while Estonia ran a deficit in 19 years. On average, Ecuador posted an annual deficit equal to 2.51% of GDP, compared to deficit of 0.52% of GDP for Estonia.

Inflation comparison by year

Inflation
Ecuador

Estonia
1x
Year Consumer prices inflation
Ecuador Estonia
2024 1.55% 3.52%
2023 2.22% 9.16%
2022 3.47% 19.4%
2021 0.13% 4.65%
2020 -0.34% -0.44%
2019 0.27% 2.28%
2018 -0.22% 3.44%
2017 0.42% 3.42%
2016 1.73% 0.15%
2015 3.97% -0.49%
2014 3.59% -0.11%
2013 2.72% 2.78%
2012 5.1% 3.93%
2011 4.47% 4.98%
2010 3.55% 2.97%
2009 5.16% -0.08%
2008 8.4% 10.4%
2007 2.28% 6.6%
2006 3.3% 4.44%
2005 2.17% 4.08%
2004 2.74% 3.05%
2003 7.93% 1.33%
2002 12.5% 3.57%
2001 37.7% 5.75%
2000 96.1% 4.02%
1999 52.2% 3.3%
1998 36.1% 8.21%
1997 30.7% 10.6%

Data sources: World Bank | Economy & Growth (1997–2024, retrieved 2026-04-06).

GeoRank.org/economy/ecuador/estonia | CC BY

Over the past 28 years, Ecuador has recorded an average annual inflation rate of 11.8%, compared with 4.46% in Estonia. In 2024, inflation was 1.55% in Ecuador and 3.52% in Estonia.

Top exports between countries

Ecuador
Export category Export value
Processed food, beverages & tobacco $36.2M
Animal & marine products $5.44M
Raw agricultural goods $5.25M
Wood & paper products $250K
Textiles & consumer goods $15K
Miscellaneous $5K
Estonia
Export category Export value
Chemicals & pharma $229K
Raw materials & minerals $228K
Machinery & equipment $81K
Processed food, beverages & tobacco $66K
Textiles & consumer goods $35K
Wood & paper products $16K
Metals $1K

Balance of trade

Ecuador Estonia
Current account balance
$7.06B
2024
-$543M
2024
Current account balance ranking
27/190
2024
107/190
2024
Current account balance, % of GDP
+5.66%
2024
-1.26%
2024
Goods imports
$27.9B
2024
$22.1B
2024
Goods exports
$34.7B
2024
$19B
2024
Service imports
$6.18B
2024
$10.4B
2024
Service exports
$3.86B
2024
$13.6B
2024
Imports of goods and services, % of GDP
26.9%
2024
75.4%
2024
Exports of goods and services, % of GDP
30.3%
2024
75.7%
2024

Economic freedom indices

The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.

Ecuador Estonia
Economic freedom 55.6 78.7
Economic freedom ranking 127/197 10/197
Property rights 33.2 93.6
Government integrity 33 86.3
Judicial effectiveness 48.1 92.4
Tax burden 74.2 77.9
Government spending 54.9 46
Fiscal health 90.3 93.1
Business freedom 64.3 82.8
Labor freedom 56.9 59
Monetary freedom 76.3 73.9
Trade freedom 66.4 79.4
Investment freedom 30 90
Financial freedom 40 70

Economic freedom comparison by year

Ecuador
Estonia
1x
Year Economic freedom index
Ecuador Estonia
2026 55.6 78.7
2025 55.8 78.9
2024 55 77.8
2023 55 78.6
2022 54.3 80
2021 52.4 78.2
2020 51.3 77.7
2019 46.9 76.6
2018 48.5 78.8
2017 49.3 79.1
2016 48.6 77.2
2015 49.2 76.8
2014 48 75.9
2013 46.9 75.3
2012 48.3 73.2
2011 47.1 75.2
2010 49.3 74.7
2009 52.5 76.4
2008 55.2 77.9
2007 55.3 78
2006 54.6 74.9
2005 52.9 75.2
2004 54.4 77.4
2003 54.1 77.7
2002 53.1 77.6
2001 55.1 76.1
2000 59.8 69.9
1999 62.9 73.8
1998 62.8 72.5
1997 61 69.1
1996 60.1 65.4
1995 57.7 65.2

Data sources: The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09).

GeoRank.org/economy/ecuador/estonia | CC BY

The Economic Freedom Index for Ecuador is 55.6, ranking 127/197, compared to 78.7 for Estonia, ranking 10/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Ecuador Estonia
Services, % of GDP
57.2%
2024
65.7%
2024
Industry, % of GDP
26.5%
2024
20.1%
2024
Agriculture, forestry, and fishing, % of GDP
9.48%
2024
1.77%
2024
GNI, Atlas method
$117B
2024
$39.6B
2024
GNI per capita, PPP
$15,410
2024
$48,880
2024
Total reserves including gold
$6.91B
2024
$2.07B
2024
Total reserves ranking
87/177
2024
125/177
2024
Net foreign direct investment
-$438M
2024
-$285M
2024
Net inflows of foreign direct investment
$443M
2024
-$3.44B
2024
Net outflows of foreign direct investment
$0
2024
-$3.72B
2024
Servicing debt to the IMF, % of GNI
7%
2024
n/a
Poverty at national poverty lines
28%
2024
22.5%
2022
Gross capital formation, % of GDP
18.5%
2024
24.6%
2024

GDP per capita map

1x

Data sources: World Bank | Economy & Growth (1985–2024, retrieved 2026-04-06); U.S. Census Bureau (1985–2024, retrieved 2026-02-08).

GeoRank.org/economy/ecuador/estonia | CC BY

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Data sources:

  1. World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1995–2024, retrieved 2026-02-20)
  3. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09)
  4. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  5. TradeMap (2021–2024, retrieved 2026-02-08)
  6. International Monetary Fund (IMF) | Public Finances in Modern History (1995–2000, retrieved 2026-02-20)
  7. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  8. LivingCost (2026, retrieved 2025-10-14)

Creative Commons Attribution (CC BY) — you’re free to copy, share, remix, adapt, and use even commercially as long as you give appropriate credit and clearly indicate if you made changes. Other sources may be subject to different license terms.

The current account balance is the sum of net trade in goods and services, net earnings from cross-border investments, and net transfer payments. It reflects a country's economic transactions with the rest of the world and is a fundamental component of the balance of payments. A surplus indicates that a country exports more than it imports, while a deficit shows the opposite.

Gross National Income (GNI) measures a country's total income. It encompasses income earned by residents, businesses, and foreign sources, defined as employee compensation and investment profits. GNI adds product taxes not included elsewhere and subtracts subsidies. It accounts for income from residents working abroad but excludes earnings from foreigners within the country.

A negative value for Net Foreign Direct Investment indicates a country is a net receiver of investments, as foreign inflows exceed outflows after Balance of Payments adjustments. A positive value indicates a net provider, with outflows exceeding inflows. Inflows are credits (increasing foreign claims on domestic assets), while outflows are debits (increasing domestic assets abroad).

Foreign direct investment (FDI, net inflows) shows how much capital foreign investors bring into a country after accounting for any funds that flow back in the opposite direction. It represents the net value of overseas companies establishing, expanding, or financing businesses in the reporting country. A positive number means more capital entered the country than was withdrawn, while a negative number means foreign investors pulled out more than they invested.

Foreign direct investment (FDI, net outflows) shows how much capital residents of a country invest abroad after accounting for any funds that flow back in the opposite direction. It represents the net value of domestic companies establishing, expanding, or financing businesses in other countries. A positive number means more capital was invested abroad than withdrawn, while a negative number means residents pulled back more than they invested.

Principal and interest payments to the IMF in currency, goods, or services on long-term debt expressed as a share of GNI.

Formerly gross domestic investment, gross capital formation measures the share of a country’s economic output invested in fixed assets, including buildings, machinery, and infrastructure. It indicates how much of the economy is devoted to building productive capacity.