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Economy of Ecuador vs Luxembourg compared: GDP & Debt

Updated on by Georank team

Ecuador has a GDP of $125B compared to $93.3B for Luxembourg, ranking 62/197 and 74/197 by economy size, respectively.

Ecuador has $67B in government debt (53.8% of GDP), compared to $24.5B (26.3% of GDP) in Luxembourg.

Ecuador vs Luxembourg GDP by year

Ecuador
Luxembourg
1x
Year GDP, current $
Ecuador Luxembourg
2024 $124,676,074,700 $93,279,851,863
2023 $121,147,057,000 $88,788,881,539
2022 $116,133,121,000 $80,801,680,397
2021 $107,179,074,000 $86,386,759,695
2020 $95,865,473,000 $73,670,782,100
2019 $107,595,830,000 $69,872,035,114
2018 $107,478,961,000 $71,085,623,495
2017 $104,467,486,000 $65,712,180,343
2016 $97,671,433,000 $62,216,885,436
2015 $97,209,558,000 $60,071,584,216
2014 $102,717,794,000 $68,804,811,898
2013 $96,570,334,000 $65,203,276,467
2012 $87,735,048,000 $59,776,383,527
2011 $78,986,648,000 $61,696,281,326
2010 $68,151,329,000 $56,213,985,987
2009 $60,094,978,000 $54,467,289,898
2008 $61,139,438,000 $58,844,277,702
2007 $49,848,725,000 $51,587,401,416
2006 $45,690,762,000 $42,910,146,296
2005 $40,278,849,000 $37,672,280,120
2004 $35,194,947,000 $35,064,843,793
2003 $30,965,208,000 $29,667,268,248
2002 $27,054,197,000 $23,649,833,332
2001 $23,127,055,000 $21,387,533,703
2000 $17,539,454,727 $21,230,182,989
1999 $19,645,272,636 $21,899,317,599
1998 $27,981,896,948 $20,150,053,345
1997 $28,162,053,027 $19,563,836,265
1996 $25,226,393,197 $20,895,314,658
1995 $24,432,884,442 $20,853,093,870
1994 $22,708,673,337 $17,701,798,891
1993 $18,938,717,359 $15,925,521,222
1992 $18,094,238,119 $15,518,702,635
1991 $16,988,535,268 $13,834,219,728
1990 $15,239,272,612 $12,778,792,854
1989 $13,890,823,705 $10,037,674,038
1988 $13,051,881,851 $9,418,167,855
1987 $13,945,426,859 $8,320,902,215
1986 $15,314,138,472 $6,685,595,088
1985 $17,149,088,413 $4,577,211,767
1984 $16,912,509,092 $4,438,435,493
1983 $17,152,477,037 $4,524,217,751
1982 $19,929,846,396 $4,602,316,793
1981 $21,810,759,354 $5,053,665,797
1980 $17,881,508,242 $6,019,805,490
1979 $14,175,160,902 $5,516,982,664
1978 $11,922,497,876 $4,718,539,772
1977 $11,026,342,618 $3,789,321,328
1976 $9,091,921,030 $3,423,586,207
1975 $7,731,674,472 $3,123,333,333
1974 $6,599,257,044 $3,183,637,117
1973 $3,891,754,150 $2,609,875,802
1972 $3,185,986,087 $1,901,697,370
1971 $2,754,219,271 $1,518,773,421
1970 $2,862,503,139 $1,457,768,455
1969 $3,112,165,727 $1,245,432,991
1968 $2,582,179,864 $1,075,561,623
1967 $2,553,595,172 $983,052,315
1966 $2,429,308,639 $976,717,015
1965 $2,387,047,396 $929,477,285
1964 $2,244,146,103 $910,877,686
1963 $1,824,343,871 $797,902,154
1962 $1,518,207,703 $747,846,862
1961 $1,753,850,955 $710,163,719
1960 $2,069,464,937 $709,941,874

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

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

GDP per capita in Ecuador vs Luxembourg by year

Ecuador
GDP per capita

GDP per capita, PPP
Luxembourg
GDP per capita

GDP per capita, PPP
1x
Year Current $
Ecuador Luxembourg
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $6,875 $15,840 $137,782 $155,941
2023 $6,738 $15,919 $133,231 $150,508
2022 $6,516 $15,198 $123,720 $146,919
2021 $6,061 $13,507 $134,966 $136,772
2020 $5,464 $11,527 $116,860 $122,067
2019 $6,205 $12,543 $112,697 $121,372
2018 $6,304 $12,187 $116,927 $116,638
2017 $6,233 $11,793 $110,193 $114,986
2016 $5,918 $10,881 $106,899 $113,365
2015 $5,976 $10,878 $105,462 $107,860
2014 $6,406 $11,836 $123,679 $105,296
2013 $6,109 $11,296 $120,000 $100,925
2012 $5,634 $10,245 $112,585 $96,636
2011 $5,154 $9,769 $119,025 $94,475
2010 $4,520 $8,969 $110,886 $90,336
2009 $4,053 $8,662 $109,420 $86,919
2008 $4,195 $8,663 $120,422 $90,971
2007 $3,479 $8,112 $107,475 $85,126
2006 $3,244 $7,885 $90,789 $78,861
2005 $2,909 $7,457 $80,988 $68,788
2004 $2,586 $6,980 $76,545 $64,686
2003 $2,316 $6,475 $65,689 $60,192
2002 $2,059 $6,282 $53,006 $58,576
2001 $1,791 $5,999 $48,440 $56,136
2000 $1,382 $5,728 $48,660 $55,136
1999 $1,575 $5,638 $50,872 $49,845
1998 $2,284 $5,940 $47,445 $44,270
1997 $2,341 $5,793 $46,642 $42,488
1996 $2,136 $5,560 $50,444 $39,722
1995 $2,108 $5,469 $51,032 $38,345
1994 $1,997 $5,339 $43,933 $37,551
1993 $1,698 $5,112 $40,067 $35,899
1992 $1,655 $4,998 $39,571 $34,108
1991 $1,587 $4,887 $35,747 $33,191
1990 $1,455 $4,632 $33,465 $29,949
1989 $1,356 - $26,618 -
1988 $1,304 - $25,219 -
1987 $1,426 - $22,443 -
1986 $1,604 - $18,150 -
1985 $1,842 - $12,482 -
1984 $1,864 - $12,127 -
1983 $1,940 - $12,374 -
1982 $2,314 - $12,591 -
1981 $2,601 - $13,837 -
1980 $2,190 - $16,531 -
1979 $1,783 - $15,204 -
1978 $1,541 - $13,034 -
1977 $1,465 - $10,486 -
1976 $1,242 - $9,491 -
1975 $1,086 - $8,701 -
1974 $954 - $8,967 -
1973 $579 - $7,447 -
1972 $488 - $5,487 -
1971 $434 - $4,435 -
1970 $465 - $4,298 -
1969 $521 - $3,690 -
1968 $445 - $3,203 -
1967 $454 - $2,935 -
1966 $445 - $2,925 -
1965 $450 - $2,804 -
1964 $436 - $2,779 -
1963 $365 - $2,462 -
1962 $312 - $2,332 -
1961 $371 - $2,241 -
1960 $451 - $2,261 -

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

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

Ecuador's GDP per capita is $6,875, ranking 103/197, compared to $137,782 in Luxembourg, ranking 3/197. Adjusted for purchasing power (GDP per capita PPP), Ecuador ranks 110th at $15,840, while Luxembourg ranks 1st at $155,941.

Economic indicators

Ecuador Luxembourg
Gross domestic product
$125B
2024
$93.3B
2024
GDP rank
62/197
2024
74/197
2024
GDP growth
-2%
2023-2024
0.36%
2023-2024
GDP per capita
$6,875
2024
$137,782
2024
GDP per capita rank
103/197
2024
3/197
2024
GDP per capita, PPP
$15,840
2024
$155,941
2024
GDP per capita PPP rank
110/197
2024
1/197
2024
Government debt
$67B
2024
$24.5B
2024
Debt-to-GDP ratio
53.8%
2024
26.3%
2024
Government debt per person
$3,695
2024
$36,221
2024
Government debt per person rank
93/185
2024
19/185
2024
Average annual personal income after taxes
$5,894
2026
$69,593
2026
Market capitalization of domestic companies
$747M
2000
$41.9B
2024
Number of billionaires n/a
1
2025
Income share by richest 10%
33.4%
2024
25%
2023
Income share by poorest 10%
1.5%
2024
2.8%
2023
Government expenditure, % of GDP
38.1%
2024
46.9%
2024
Consumer prices inflation
1.55%
2023-2024
2.05%
2023-2024
Unemployment rate
3.39%
2024
6.42%
2024
Population
18487749
693885

Spending and national debt comparison by year

Ecuador
Spending

Debt
Luxembourg
Spending

Debt
1x
Year % of GDP
Ecuador Luxembourg
Government spending Government debt Government spending Government debt
2024 38.1% 53.8% 46.9% 26.3%
2023 39.5% 54.3% 46.4% 24.7%
2022 38.9% 57.2% 44.3% 24.9%
2021 37.5% 61.8% 42.4% 24.2%
2020 40.2% 63.6% 47% 24.5%
2019 39.8% 52.1% 43.1% 22.3%
2018 40.9% 49.5% 42.3% 20.9%
2017 40.5% 47.4% 41.3% 21.8%
2016 44.1% 46.1% 40% 19.6%
2015 44.1% 36.4% 40.4% 21.1%
2014 45.9% 28.2% 40.6% 21.9%
2013 46.7% 23.4% 41.2% 22.4%
2012 43.2% 19.3% 41.8% 20.8%
2011 39.6% 18.6% 41.5% 18.5%
2010 35.4% 18.4% 42% 19.1%
2009 34.3% 19.7% 42.7% 15.3%
2008 35.6% 24.9% 37.9% 14.6%
2007 24.7% 29.6% 37.4% 8.09%
2006 21.7% 33.1% 39.4% 8.21%
2005 22% 35.8% 43.4% 7.95%
2004 21.3% 40.2% 43.7% 7.83%
2003 21.3% 47.2% 43.3% 7.43%
2002 22.8% 55% 41.8% 7.45%
2001 21.4% 63.8% 38.1% 7.62%
2000 24.3% 92.2% 38% 7.49%
1999 24.1% 105.2% 41.7% 8.39%
1998 21.5% 70.3% 43.9% 9.51%
1997 22% 61.5% 44.2% 10.1%
1996 22.7% 69.3% 42.5% 10.2%
1995 22% 70.5% 42% 10.3%

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/luxembourg | CC BY

In 2024, Ecuador's government spending was $47.5B, accounting for 38.1% of its GDP, while Luxembourg spent $43.7B, or 46.9% of GDP.

Debt-to-GDP ratio is 53.8% in Ecuador and 26.3% in Luxembourg, ranking 98/185 and 162/185, respectively.

Government deficit by year

Deficit/surplus
Ecuador

Luxembourg
1x
Year Deficit/surplus, % of GDP
Ecuador Luxembourg
2024 -1.28% 1.03%
2023 -3.48% -0.78%
2022 0.04% 0.18%
2021 -1.59% 1%
2020 -7.38% -3.09%
2019 -3.47% 2.68%
2018 -2.8% 3.17%
2017 -5.77% 1.37%
2016 -10.3% 1.89%
2015 -6.87% 1.3%
2014 -8.11% 1.33%
2013 -8.17% 0.84%
2012 -2.83% 0.5%
2011 -0.13% 0.65%
2010 -1.39% -0.26%
2009 -3.71% -0.21%
2008 0.57% 3.37%
2007 2.66% 4.35%
2006 2.92% 1.9%
2005 0.66% -0.21%
2004 1.94% -1.39%
2003 1.05% 0.28%
2002 0.74% 2.03%
2001 0.03% 5.62%
2000 -0.32% 5.55%
1999 -4.82% 3.24%
1998 -5.1% 2.98%
1997 -2.83% 2.65%
1996 -3.44% 2.37%
1995 -2.02% 2.71%

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

GeoRank.org/economy/ecuador/luxembourg | 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 Luxembourg's surplus of $961M, or 1.03% of GDP.

Over the past 30 years, Ecuador recorded a fiscal deficit in 21 of those years, while Luxembourg ran a deficit in 6 years. On average, Ecuador posted an annual deficit equal to 2.51% of GDP, compared to surplus of 1.57% of GDP for Luxembourg.

Inflation comparison by year

Inflation
Ecuador

Luxembourg
1x
Year Consumer prices inflation
Ecuador Luxembourg
2024 1.55% 2.05%
2023 2.22% 3.74%
2022 3.47% 6.34%
2021 0.13% 2.53%
2020 -0.34% 0.82%
2019 0.27% 1.74%
2018 -0.22% 1.53%
2017 0.42% 1.73%
2016 1.73% 0.29%
2015 3.97% 0.47%
2014 3.59% 0.63%
2013 2.72% 1.73%
2012 5.1% 2.66%
2011 4.47% 3.41%
2010 3.55% 2.27%
2009 5.16% 0.37%
2008 8.4% 3.4%
2007 2.28% 2.31%
2006 3.3% 2.67%
2005 2.17% 2.49%
2004 2.74% 2.23%
2003 7.93% 2.05%
2002 12.5% 2.07%
2001 37.7% 2.66%
2000 96.1% 3.15%
1999 52.2% 1.03%
1998 36.1% 0.96%
1997 30.7% 1.37%

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

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

Over the past 28 years, Ecuador has recorded an average annual inflation rate of 11.8%, compared with 2.1% in Luxembourg. In 2024, inflation was 1.55% in Ecuador and 2.05% in Luxembourg.

Top exports between countries

Ecuador
Export category Export value
Textiles & consumer goods $10K
Machinery & equipment $6K
Processed food, beverages & tobacco $5K
Wood & paper products $1K
Luxembourg
Export category Export value
Machinery & equipment $576K
Metals $169K
Chemicals & pharma $141K
Textiles & consumer goods $58K
Raw agricultural goods $49K
Miscellaneous $3K
Raw materials & minerals $3K
Wood & paper products $1K

Balance of trade

Ecuador Luxembourg
Current account balance
$7.06B
2024
$4.1B
2024
Current account balance ranking
27/190
2024
35/190
2024
Current account balance, % of GDP
+5.66%
2024
+4.4%
2024
Goods imports
$27.9B
2024
$29.4B
2024
Goods exports
$34.7B
2024
$31.3B
2024
Service imports
$6.18B
2024
$117B
2024
Service exports
$3.86B
2024
$150B
2024
Imports of goods and services, % of GDP
26.9%
2024
159.7%
2024
Exports of goods and services, % of GDP
30.3%
2024
191.5%
2024

Economic freedom indices

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

Ecuador Luxembourg
Economic freedom 55.6 79.7
Economic freedom ranking 127/197 7/197
Property rights 33.2 96.6
Government integrity 33 88.7
Judicial effectiveness 48.1 99.1
Tax burden 74.2 62.3
Government spending 54.9 36.9
Fiscal health 90.3 98.6
Business freedom 64.3 89.5
Labor freedom 56.9 56.7
Monetary freedom 76.3 74.1
Trade freedom 66.4 79.4
Investment freedom 30 95
Financial freedom 40 80

Economic freedom comparison by year

Ecuador
Luxembourg
1x
Year Economic freedom index
Ecuador Luxembourg
2026 55.6 79.7
2025 55.8 79.5
2024 55 79.2
2023 55 78.4
2022 54.3 80.6
2021 52.4 76
2020 51.3 75.8
2019 46.9 75.9
2018 48.5 76.4
2017 49.3 75.9
2016 48.6 73.9
2015 49.2 73.2
2014 48 74.2
2013 46.9 74.2
2012 48.3 74.5
2011 47.1 76.2
2010 49.3 75.4
2009 52.5 75.2
2008 55.2 74.7
2007 55.3 74.6
2006 54.6 75.3
2005 52.9 76.3
2004 54.4 78.9
2003 54.1 79.9
2002 53.1 79.4
2001 55.1 80.1
2000 59.8 76.4
1999 62.9 72.4
1998 62.8 72.7
1997 61 72.8
1996 60.1 72.5
1995 57.7 -

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

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

The Economic Freedom Index for Ecuador is 55.6, ranking 127/197, compared to 79.7 for Luxembourg, ranking 7/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Ecuador Luxembourg
Services, % of GDP
57.2%
2024
81.2%
2024
Industry, % of GDP
26.5%
2024
9.66%
2024
Agriculture, forestry, and fishing, % of GDP
9.48%
2024
0.21%
2024
GNI, Atlas method
$117B
2024
$57.3B
2024
GNI per capita, PPP
$15,410
2024
$110,650
2024
Total reserves including gold
$6.91B
2024
$2.79B
2024
Total reserves ranking
87/177
2024
119/177
2024
Net foreign direct investment
-$438M
2024
$21.4B
2024
Net inflows of foreign direct investment
$443M
2024
$106B
2024
Net outflows of foreign direct investment
$0
2024
$109B
2024
Servicing debt to the IMF, % of GNI
7%
2024
n/a
Poverty at national poverty lines
28%
2024
17.3%
2021
Gross capital formation, % of GDP
18.5%
2024
15.8%
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/luxembourg | 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.