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Economy of Ecuador vs Mongolia compared: GDP & Debt

Updated on by Georank

Ecuador has a GDP of $130B compared to $25.4B for Mongolia, ranking 64/197 and 123/197 by economy size, respectively.

Ecuador has $70.9B in government debt (54.4% of GDP), compared to $11.4B (45.1% of GDP) in Mongolia.

Ecuador vs Mongolia GDP by year

Ecuador
Mongolia
1x
Year GDP, current $
Ecuador Mongolia
2025 $130,320,560,400 $25,369,107,325
2024 $123,802,374,000 $23,794,540,025
2023 $120,792,801,000 $20,325,121,394
2022 $116,133,121,000 $17,146,471,714
2021 $107,179,074,000 $15,286,441,738
2020 $95,865,473,000 $13,312,981,429
2019 $107,595,830,000 $14,206,359,018
2018 $107,478,961,000 $13,178,094,720
2017 $104,467,486,000 $11,480,847,741
2016 $97,671,433,000 $11,181,350,649
2015 $97,209,558,000 $11,619,892,591
2014 $102,717,794,000 $12,226,514,668
2013 $96,570,334,000 $12,582,122,604
2012 $87,735,048,000 $12,292,770,632
2011 $78,986,648,000 $10,409,797,378
2010 $68,151,329,000 $7,189,481,999
2009 $60,094,978,000 $4,583,850,368
2008 $61,139,438,000 $5,623,216,608
2007 $49,848,725,000 $4,234,999,704
2006 $45,690,762,000 $3,414,055,662
2005 $40,278,849,000 $2,523,471,601
2004 $35,194,947,000 $1,992,066,808
2003 $30,965,208,000 $1,595,297,356
2002 $27,054,197,000 $1,396,555,720
2001 $23,127,055,000 $1,267,997,934
2000 $17,539,454,727 $1,136,896,124
1999 $19,645,272,636 $1,057,408,589
1998 $27,981,896,948 $1,124,440,205
1997 $28,162,053,027 $1,180,934,203
1996 $25,226,393,197 $1,345,719,472
1995 $24,432,884,442 $1,452,165,005
1994 $22,708,673,337 $925,817,092
1993 $18,938,717,359 $768,401,634
1992 $18,094,238,119 $1,317,611,864
1991 $16,988,535,268 $2,379,018,326
1990 $15,239,272,612 $2,560,785,660
1989 $13,890,823,705 $3,576,966,800
1988 $13,051,881,851 $3,204,461,567
1987 $13,945,426,859 $3,020,611,600
1986 $15,314,138,472 $2,896,178,867
1985 $17,149,088,413 $2,186,505,475
1984 $16,912,509,092 $2,098,734,600
1983 $17,152,477,037 $2,725,736,633
1982 $19,929,846,396 $2,552,401,933
1981 $21,810,759,354 $2,310,099,100
1980 $17,881,508,242 $2,101,394,100
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 (1960–2025, retrieved 2026-07-08).

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

GDP per capita in Ecuador vs Mongolia by year

Ecuador
GDP per capita

GDP per capita, PPP
Mongolia
GDP per capita

GDP per capita, PPP
1x
Year Current $
Ecuador Mongolia
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2025 $7,125 - $7,108 -
2024 $6,827 $15,840 $6,751 $19,145
2023 $6,718 $15,919 $5,839 $18,005
2022 $6,516 $15,198 $4,994 $16,402
2021 $6,061 $13,507 $4,518 $14,792
2020 $5,464 $11,527 $4,001 $13,693
2019 $6,205 $12,543 $4,348 $13,605
2018 $6,304 $12,187 $4,108 $12,317
2017 $6,233 $11,793 $3,646 $11,096
2016 $5,918 $10,881 $3,620 $10,511
2015 $5,976 $10,878 $3,839 $10,458
2014 $6,406 $11,836 $4,126 $10,900
2013 $6,109 $11,296 $4,340 $10,442
2012 $5,634 $10,245 $4,329 $10,152
2011 $5,154 $9,769 $3,736 $8,862
2010 $4,520 $8,969 $2,625 $7,532
2009 $4,053 $8,662 $1,703 $7,119
2008 $4,195 $8,663 $2,127 $7,297
2007 $3,479 $8,112 $1,628 $6,678
2006 $3,244 $7,885 $1,330 $5,977
2005 $2,909 $7,457 $995 $5,406
2004 $2,586 $6,980 $794 $4,942
2003 $2,316 $6,475 $643 $4,399
2002 $2,059 $6,282 $570 $4,083
2001 $1,791 $5,999 $524 $3,889
2000 $1,382 $5,728 $476 $3,740
1999 $1,575 $5,638 $449 $3,664
1998 $2,284 $5,940 $484 $3,555
1997 $2,341 $5,793 $515 $3,449
1996 $2,136 $5,560 $596 $3,310
1995 $2,108 $5,469 $653 $3,229
1994 $1,997 $5,339 $423 $3,021
1993 $1,698 $5,112 $355 $2,929
1992 $1,655 $4,998 $608 $2,951
1991 $1,587 $4,887 $1,099 $3,183
1990 $1,455 $4,632 $1,220 $3,479
1989 $1,356 - $1,684 -
1988 $1,304 - $1,543 -
1987 $1,426 - $1,493 -
1986 $1,604 - $1,469 -
1985 $1,842 - $1,138 -
1984 $1,864 - $1,120 -
1983 $1,940 - $1,490 -
1982 $2,314 - $1,430 -
1981 $2,601 - $1,325 -
1980 $2,190 - $1,235 -
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 (1960–2025, retrieved 2026-07-08).

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

Ecuador's GDP per capita is $7,125, ranking 102/197, compared to $7,108 in Mongolia, ranking 103/197. Adjusted for purchasing power (GDP per capita PPP), Ecuador ranks 110th at $15,840, while Mongolia ranks 98th at $19,145.

Economic indicators

Ecuador Mongolia
Gross domestic product
$130B
2025
$25.4B
2025
GDP rank
64/197
2025
123/197
2025
GDP growth
3.73%
2024-2025
6.84%
2024-2025
GDP per capita
$7,125
2025
$7,108
2025
GDP per capita rank
102/197
2025
103/197
2025
GDP per capita, PPP
$15,840
2024
$19,145
2024
GDP per capita PPP rank
110/197
2024
98/197
2024
Government debt
$70.9B
2025
$11.4B
2025
Debt-to-GDP ratio
54.4%
2025
45.1%
2025
Government debt per person
$3,877
2025
$3,207
2025
Government debt per person rank
94/185
2025
101/185
2025
Average annual personal income after taxes
$6,605
2026
$7,064
2026
Market capitalization of domestic companies
$747M
2000
n/a
Income share by richest 10%
35.1%
2025
24.6%
2022
Income share by poorest 10%
1.7%
2025
3.4%
2022
Government expenditure, % of GDP
38.4%
2025
34.6%
2025
Consumer prices inflation
0.71%
2024-2025
8.6%
2024-2025
Central bank interest rate n/a
12%
2025
Unemployment rate
3.23%
2025
5.81%
2024
Population
18524711
3630744

Spending and national debt comparison by year

Ecuador
Spending

Debt
Mongolia
Spending

Debt
1x
Year % of GDP
Ecuador Mongolia
Government spending Government debt Government spending Government debt
2025 38.4% 54.4% 34.6% 45.1%
2024 38.3% 54.1% 37.5% 44.1%
2023 39.6% 54.5% 31.9% 46.7%
2022 38.9% 57.2% 33.7% 64.5%
2021 37.5% 61.8% 35.9% 67.3%
2020 40.2% 63.6% 37.1% 83.4%
2019 39.8% 52.1% 30.8% 66.8%
2018 40.9% 49.5% 28.4% 76.5%
2017 40.5% 47.4% 32.2% 86.9%
2016 44.1% 46.1% 39.7% 78.7%
2015 44.1% 36.4% 31.2% 50.5%
2014 45.9% 28.2% 32.1% 44%
2013 46.7% 23.4% 32.2% 49.4%
2012 43.2% 19.3% 36.1% 43.7%
2011 39.6% 18.6% 37.9% 32.7%
2010 35.4% 18.4% 31.6% 31%
2009 34.3% 19.7% 35.5% 48.5%
2008 35.6% 24.9% 37.6% 31%
2007 24.7% 29.6% 35.3% 36.1%
2006 21.7% 33.1% 26.2% 40.9%
2005 22% 35.8% 25.1% 55.9%
2004 21.3% 40.2% 31.8% 75%
2003 21.3% 47.2% 33.7% 90%
2002 22.8% 55% 35.5% 72%
2001 21.4% 63.8% 35.2% 69.2%
2000 24.3% 92.2% 34.5% 79.3%
1999 24.1% 105.2% 33.2% 103.7%
1998 21.5% 70.3% 36.2% 77.5%
1997 22% 61.5% 30.8% 61%
1996 22.7% 69.3% 28.6% 49.7%
1995 22% 70.5% 26.6% 40.2%
1994 - - 32.2% 57.6%
1993 - - 38.3% 57.8%
1992 - - 29.1% 29.3%
1991 - - 46% -
1990 - - 51.7% -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08); International Monetary Fund (IMF) | Public Finances in Modern History (1992–2005, retrieved 2026-07-08).

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

In 2025, Ecuador's government spending was $50B, accounting for 38.4% of its GDP, while Mongolia spent $8.78B, or 34.6% of GDP.

Debt-to-GDP ratio is 54.4% in Ecuador and 45.1% in Mongolia, ranking 92/185 and 116/185, respectively.

Government deficit by year

Deficit/surplus
Ecuador

Mongolia
1x
Year Deficit/surplus, % of GDP
Ecuador Mongolia
2025 -2.88% 1.7%
2024 -1.28% 1.39%
2023 -3.49% 2.73%
2022 0.04% 0.67%
2021 -1.59% -3.05%
2020 -7.38% -9.24%
2019 -3.47% 1%
2018 -2.8% 2.85%
2017 -5.77% -3.72%
2016 -10.3% -15.3%
2015 -6.87% -5.04%
2014 -8.11% -3.73%
2013 -8.17% -0.93%
2012 -2.83% -6.24%
2011 -0.13% -4.01%
2010 -1.39% 0.43%
2009 -3.71% -5.2%
2008 0.57% -4.52%
2007 2.66% 2.64%
2006 2.92% 7.58%
2005 0.66% 2.43%
2004 1.94% -1.62%
2003 1.05% -3.38%
2002 0.74% -4.74%
2001 0.03% -4.33%
2000 -0.32% -5.82%
1999 -4.82% -9.91%
1998 -5.1% -12.3%
1997 -2.83% -8.09%
1996 -3.44% -6.88%
1995 -2.02% -4.97%
1994 - -9.74%
1993 - -13.3%
1992 - -8.1%
1991 - -6.37%
1990 - -9.37%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08).

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

In 2025, Ecuador's government deficit, the difference between spending and revenue, was $3.76B, equivalent to 2.88% of GDP. This compares to Mongolia's surplus of $432M, or 1.7% of GDP.

Over the past 31 years, Ecuador recorded a fiscal deficit in 22 of those years, while Mongolia ran a deficit in 21 years. On average, Ecuador posted an annual deficit equal to 2.52% of GDP, compared to deficit of 3.21% of GDP for Mongolia.

Inflation comparison by year

Inflation
Ecuador

Mongolia
1x
Year Consumer prices inflation
Ecuador Mongolia
2025 0.71% 8.6%
2024 1.55% 6.2%
2023 2.22% 10.4%
2022 3.47% 15.1%
2021 0.13% 7.4%
2020 -0.34% 3.7%
2019 0.27% 7.3%
2018 -0.22% 6.8%
2017 0.42% 4.3%
2016 1.73% 0.8%
2015 3.97% 6.8%
2014 3.59% 12.9%
2013 2.72% 10.6%
2012 5.1% 13.8%
2011 4.47% 8.8%
2010 3.55% 8.3%
2009 5.16% 7.6%
2008 8.4% 28%
2007 2.28% 9.6%
2006 3.3% 4.4%
2005 2.17% 12.6%
2004 2.74% 8.3%
2003 7.93% 5.2%
2002 12.5% 0.9%
2001 37.7% 6.4%
2000 96.1% 11.3%
1999 52.2% 7.6%
1998 36.1% 9.5%
1997 30.7% 30%

Data sources: International Monetary Fund (IMF) | World Economic Outlook (1997–2025, retrieved 2026-07-08); World Bank | Economy & Growth (1997–2025, retrieved 2026-07-08).

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

Over the past 29 years, Ecuador has recorded an average annual inflation rate of 11.4%, compared with 9.42% in Mongolia. In 2025, inflation was 0.71% in Ecuador and 8.6% in Mongolia.

Top exports between countries

Ecuador
Export category Export value
Raw agricultural goods $58K
Processed food, beverages & tobacco $8K
Mongolia
Export category Export value
Machinery & equipment $12.1M

Balance of trade

Ecuador Mongolia
Current account balance
$7.7B
2025
-$2.49B
2024
Current account balance ranking
28/190
2025
147/190
2024
Current account balance, % of GDP
+5.91%
2025
-10.4%
2024
Goods imports
$31.1B
2025
$11.7B
2024
Goods exports
$37.4B
2025
$14.7B
2024
Service imports
$6.22B
2025
$4.92B
2024
Service exports
$4.14B
2025
$1.6B
2024
Imports of goods and services, % of GDP
27.9%
2025
62.6%
2025
Exports of goods and services, % of GDP
31.4%
2025
68.1%
2025

Economic freedom indices

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

Ecuador Mongolia
Economic freedom 55.6 63.9
Economic freedom ranking 127/197 76/197
Property rights 33.2 49.2
Government integrity 33 35.8
Judicial effectiveness 48.1 54.9
Tax burden 74.2 83.7
Government spending 54.9 64.6
Fiscal health 90.3 96.1
Business freedom 64.3 68.4
Labor freedom 56.9 68.2
Monetary freedom 76.3 72.1
Trade freedom 66.4 74.4
Investment freedom 30 50
Financial freedom 40 50

Economic freedom comparison by year

Ecuador
Mongolia
1x
Year Economic freedom index
Ecuador Mongolia
2026 55.6 63.9
2025 55.8 62.6
2024 55 60.6
2023 55 61.7
2022 54.3 63.9
2021 52.4 62.4
2020 51.3 55.9
2019 46.9 55.4
2018 48.5 55.7
2017 49.3 54.8
2016 48.6 59.4
2015 49.2 59.2
2014 48 58.9
2013 46.9 61.7
2012 48.3 61.5
2011 47.1 59.5
2010 49.3 60
2009 52.5 62.8
2008 55.2 63.6
2007 55.3 60.3
2006 54.6 62.4
2005 52.9 59.7
2004 54.4 56.5
2003 54.1 57.7
2002 53.1 56.7
2001 55.1 56
2000 59.8 58.5
1999 62.9 58.6
1998 62.8 57.3
1997 61 52.9
1996 60.1 47.4
1995 57.7 47.8

Data sources: The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-07-08).

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

The Economic Freedom Index for Ecuador is 55.6, ranking 127/197, compared to 63.9 for Mongolia, ranking 76/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Ecuador Mongolia
Services, % of GDP
57%
2025
44.3%
2025
Industry, % of GDP
25.7%
2025
37.2%
2025
Agriculture, forestry, and fishing, % of GDP
9.7%
2025
8.94%
2025
GNI, Atlas method
$126B
2025
$22.2B
2025
GNI per capita, PPP
$16,290
2025
$18,460
2025
Total reserves including gold
$9.8B
2025
$7B
2025
Total reserves ranking
79/177
2025
91/177
2025
Net foreign direct investment
-$1.3B
2025
-$2.73B
2024
Net inflows of foreign direct investment
$446M
2024
$2.78B
2024
Net outflows of foreign direct investment
$0
2024
$55.5M
2024
Servicing debt to the IMF, % of GNI
7.05%
2024
25.7%
2024
Poverty at national poverty lines
21.4%
2025
27.1%
2022
Gross capital formation, % of GDP
20.9%
2025
31.4%
2025

GDP per capita map

1x

Data sources: World Bank | Economy & Growth (1985–2025, retrieved 2026-07-08); U.S. Census Bureau (1985–2025, retrieved 2026-07-08).

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

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Data sources:

  1. World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08)
  3. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-07-08)
  4. U.S. Census Bureau (1985–2025, retrieved 2026-07-08)
  5. International Monetary Fund (IMF) | Public Finances in Modern History (1992–2005, retrieved 2026-07-08)
  6. TradeMap (2023–2025, retrieved 2026-07-08)
  7. United Nations | World Population Prospects (2026, retrieved 2026-07-08)
  8. LivingCost (2026, retrieved 2026-07-08)

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.