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Economy of Ecuador vs Rwanda compared: GDP & Debt

Updated on by Georank team

Ecuador has a GDP of $125B compared to $14.3B for Rwanda, ranking 62/197 and 144/197 by economy size, respectively.

Ecuador has $67B in government debt (53.8% of GDP), compared to $9.58B (67.2% of GDP) in Rwanda.

Ecuador vs Rwanda GDP by year

Ecuador
Rwanda
1x
Year GDP, current $
Ecuador Rwanda
2024 $124,676,074,700 $14,251,642,235
2023 $121,147,057,000 $14,331,722,703
2022 $116,133,121,000 $13,316,161,002
2021 $107,179,074,000 $11,078,787,090
2020 $95,865,473,000 $10,174,386,857
2019 $107,595,830,000 $10,349,300,277
2018 $107,478,961,000 $9,637,904,521
2017 $104,467,486,000 $9,252,833,891
2016 $97,671,433,000 $8,695,272,058
2015 $97,209,558,000 $8,543,760,200
2014 $102,717,794,000 $8,238,966,124
2013 $96,570,334,000 $7,819,964,030
2012 $87,735,048,000 $7,654,761,050
2011 $78,986,648,000 $6,884,913,658
2010 $68,151,329,000 $6,124,756,654
2009 $60,094,978,000 $5,674,476,969
2008 $61,139,438,000 $5,179,854,065
2007 $49,848,725,000 $4,070,507,895
2006 $45,690,762,000 $3,319,784,539
2005 $40,278,849,000 $2,933,819,766
2004 $35,194,947,000 $2,376,496,067
2003 $30,965,208,000 $2,138,237,279
2002 $27,054,197,000 $1,966,003,468
2001 $23,127,055,000 $1,966,600,715
2000 $17,539,454,727 $2,068,836,754
1999 $19,645,272,636 $2,157,108,263
1998 $27,981,896,948 $1,989,343,546
1997 $28,162,053,027 $1,851,558,197
1996 $25,226,393,197 $1,382,334,879
1995 $24,432,884,442 $1,293,535,193
1994 $22,708,673,337 $753,636,370
1993 $18,938,717,359 $1,971,525,712
1992 $18,094,238,119 $2,029,026,962
1991 $16,988,535,268 $1,911,600,237
1990 $15,239,272,612 $2,550,185,679
1989 $13,890,823,705 $2,405,022,593
1988 $13,051,881,851 $2,395,492,687
1987 $13,945,426,859 $2,157,432,668
1986 $15,314,138,472 $1,944,710,684
1985 $17,149,088,413 $1,715,626,331
1984 $16,912,509,092 $1,587,413,084
1983 $17,152,477,037 $1,479,687,587
1982 $19,929,846,396 $1,407,243,139
1981 $21,810,759,354 $1,407,062,527
1980 $17,881,508,242 $1,254,765,642
1979 $14,175,160,902 $1,109,346,131
1978 $11,922,497,876 $905,709,076
1977 $11,026,342,618 $746,650,613
1976 $9,091,921,030 $637,753,853
1975 $7,731,674,472 $571,863,500
1974 $6,599,257,044 $308,458,423
1973 $3,891,754,150 $290,746,157
1972 $3,185,986,087 $246,457,838
1971 $2,754,219,271 $222,952,504
1970 $2,862,503,139 $219,900,006
1969 $3,112,165,727 $188,700,037
1968 $2,582,179,864 $172,200,018
1967 $2,553,595,172 $159,560,018
1966 $2,429,308,639 $124,525,703
1965 $2,387,047,396 $148,799,980
1964 $2,244,146,103 $129,999,994
1963 $1,824,343,871 $128,000,000
1962 $1,518,207,703 $125,000,008
1961 $1,753,850,955 $122,000,016
1960 $2,069,464,937 $119,000,024

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

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

GDP per capita in Ecuador vs Rwanda by year

Ecuador
GDP per capita

GDP per capita, PPP
Rwanda
GDP per capita

GDP per capita, PPP
1x
Year Current $
Ecuador Rwanda
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $6,875 $15,840 $1,000 $3,711
2023 $6,738 $15,919 $1,027 $3,399
2022 $6,516 $15,198 $975 $3,099
2021 $6,061 $13,507 $830 $2,733
2020 $5,464 $11,527 $779 $2,285
2019 $6,205 $12,543 $810 $2,336
2018 $6,304 $12,187 $772 $2,125
2017 $6,233 $11,793 $758 $1,968
2016 $5,918 $10,881 $730 $1,866
2015 $5,976 $10,878 $734 $1,781
2014 $6,406 $11,836 $725 $1,678
2013 $6,109 $11,296 $705 $1,512
2012 $5,634 $10,245 $707 $1,455
2011 $5,154 $9,769 $651 $1,413
2010 $4,520 $8,969 $594 $1,314
2009 $4,053 $8,662 $564 $1,241
2008 $4,195 $8,663 $528 $1,191
2007 $3,479 $8,112 $426 $1,079
2006 $3,244 $7,885 $357 $1,002
2005 $2,909 $7,457 $324 $914
2004 $2,586 $6,980 $269.5 $832
2003 $2,316 $6,475 $249 $775
2002 $2,059 $6,282 $234 $760
2001 $1,791 $5,999 $237.3 $670
2000 $1,382 $5,728 $251.9 $609
1999 $1,575 $5,638 $264.7 $554
1998 $2,284 $5,940 $246.2 $528
1997 $2,341 $5,793 $238.7 $500
1996 $2,136 $5,560 $206 $499
1995 $2,108 $5,469 $228 $514
1994 $1,997 $5,339 $111 $311
1993 $1,698 $5,112 $247 $521
1992 $1,655 $4,998 $264.1 $575
1991 $1,587 $4,887 $254 $542
1990 $1,455 $4,632 $346 $549
1989 $1,356 - $335 -
1988 $1,304 - $344 -
1987 $1,426 - $320 -
1986 $1,604 - $297.7 -
1985 $1,842 - $271.6 -
1984 $1,864 - $259.9 -
1983 $1,940 - $250.6 -
1982 $2,314 - $246.4 -
1981 $2,601 - $254.6 -
1980 $2,190 - $234.4 -
1979 $1,783 - $213.8 -
1978 $1,541 - $179.9 -
1977 $1,465 - $152.7 -
1976 $1,242 - $134.4 -
1975 $1,086 - $124.1 -
1974 $954 - $68.9 -
1973 $579 - $66.9 -
1972 $488 - $58.4 -
1971 $434 - $54.4 -
1970 $465 - $55.2 -
1969 $521 - $48.9 -
1968 $445 - $46 -
1967 $454 - $44 -
1966 $445 - $35.4 -
1965 $450 - $43.5 -
1964 $436 - $39 -
1963 $365 - $39.3 -
1962 $312 - $39.2 -
1961 $371 - $39.3 -
1960 $451 - $39.4 -

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

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

Ecuador's GDP per capita is $6,875, ranking 103/197, compared to $1,000 in Rwanda, ranking 178/197. Adjusted for purchasing power (GDP per capita PPP), Ecuador ranks 110th at $15,840, while Rwanda ranks 168th at $3,711.

Economic indicators

Ecuador Rwanda
Gross domestic product
$125B
2024
$14.3B
2024
GDP rank
62/197
2024
144/197
2024
GDP growth
-2%
2023-2024
8.89%
2023-2024
GDP per capita
$6,875
2024
$1,000
2024
GDP per capita rank
103/197
2024
178/197
2024
GDP per capita, PPP
$15,840
2024
$3,711
2024
GDP per capita PPP rank
110/197
2024
168/197
2024
Government debt
$67B
2024
$9.58B
2024
Debt-to-GDP ratio
53.8%
2024
67.2%
2024
Government debt per person
$3,695
2024
$672
2024
Government debt per person rank
93/185
2024
157/185
2024
Average annual personal income after taxes
$5,894
2026
$2,194
2026
Market capitalization of domestic companies
$747M
2000
$2.75B
2024
Income share by richest 10%
33.4%
2024
33.4%
2023
Income share by poorest 10%
1.5%
2024
3.1%
2023
Government expenditure, % of GDP
38.1%
2024
28.8%
2024
Consumer prices inflation
1.55%
2023-2024
1.77%
2023-2024
Central bank interest rate n/a
6.75%
2025
Unemployment rate
3.39%
2024
11.3%
2024
Population
18487749
14975051

Spending and national debt comparison by year

Ecuador
Spending

Debt
Rwanda
Spending

Debt
1x
Year % of GDP
Ecuador Rwanda
Government spending Government debt Government spending Government debt
2024 38.1% 53.8% 28.8% 67.2%
2023 39.5% 54.3% 27% 63.4%
2022 38.9% 57.2% 29.7% 60.9%
2021 37.5% 61.8% 31.6% 67.3%
2020 40.2% 63.6% 33.5% 68.7%
2019 39.8% 52.1% 28.2% 53.6%
2018 40.9% 49.5% 26.4% 49.2%
2017 40.5% 47.4% 25.1% 45.6%
2016 44.1% 46.1% 25.1% 41.1%
2015 44.1% 36.4% 26.6% 33.1%
2014 45.9% 28.2% 27.5% 29.1%
2013 46.7% 23.4% 26.2% 26.7%
2012 43.2% 19.3% 24.6% 19.1%
2011 39.6% 18.6% 24.7% 18.7%
2010 35.4% 18.4% 23.8% 18.8%
2009 34.3% 19.7% 22.3% 18.5%
2008 35.6% 24.9% 22.5% 18.3%
2007 24.7% 29.6% 22.4% 22.1%
2006 21.7% 33.1% 20.6% 22.5%
2005 22% 35.8% 19.9% 58.9%
2004 21.3% 40.2% 17.9% 80.9%
2003 21.3% 47.2% 18.5% 79.5%
2002 22.8% 55% 20.5% 92%
2001 21.4% 63.8% 19.1% 84%
2000 24.3% 92.2% 18.2% 86%
1999 24.1% 105.2% 22.4% 78.4%
1998 21.5% 70.3% 16.4% 70.1%
1997 22% 61.5% 17% 72.2%
1996 22.7% 69.3% 19.5% 83.4%
1995 22% 70.5% 18% 100.8%
1994 - - 13.3% -
1993 - - 20.3% -
1992 - - 21.5% -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1992–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1995–2000, retrieved 2026-02-20).

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

In 2024, Ecuador's government spending was $47.5B, accounting for 38.1% of its GDP, while Rwanda spent $4.1B, or 28.8% of GDP.

Debt-to-GDP ratio is 53.8% in Ecuador and 67.2% in Rwanda, ranking 98/185 and 65/185, respectively.

Government deficit by year

Deficit/surplus
Ecuador

Rwanda
1x
Year Deficit/surplus, % of GDP
Ecuador Rwanda
2024 -1.28% -6.57%
2023 -3.48% -5.04%
2022 0.04% -5.74%
2021 -1.59% -7%
2020 -7.38% -9.54%
2019 -3.47% -5.08%
2018 -2.8% -2.57%
2017 -5.77% -2.52%
2016 -10.3% -2.27%
2015 -6.87% -2.68%
2014 -8.11% -3.92%
2013 -8.17% -1.27%
2012 -2.83% -2.38%
2011 -0.13% -0.86%
2010 -1.39% -0.64%
2009 -3.71% 0.26%
2008 0.57% 0.83%
2007 2.66% -1.56%
2006 2.92% -0.03%
2005 0.66% 1.12%
2004 1.94% 2.27%
2003 1.05% -1.23%
2002 0.74% -2.03%
2001 0.03% -1.8%
2000 -0.32% -0.22%
1999 -4.82% -4.41%
1998 -5.1% -2.59%
1997 -2.83% -2.22%
1996 -3.44% -5.01%
1995 -2.02% -2.04%
1994 - -9.54%
1993 - -6.6%
1992 - -7.21%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1992–2024, retrieved 2026-02-20).

GeoRank.org/economy/ecuador/rwanda | 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 Rwanda's deficit of $936M, or 6.57% of GDP.

Over the past 30 years, Ecuador recorded a fiscal deficit in 21 of those years, while Rwanda ran a deficit in 26 years. On average, Ecuador posted an annual deficit equal to 2.51% of GDP, compared to deficit of 2.56% of GDP for Rwanda.

Inflation comparison by year

Inflation
Ecuador

Rwanda
1x
Year Consumer prices inflation
Ecuador Rwanda
2024 1.55% 1.77%
2023 2.22% 19.8%
2022 3.47% 17.7%
2021 0.13% -0.39%
2020 -0.34% 9.85%
2019 0.27% 3.35%
2018 -0.22% -0.31%
2017 0.42% 8.28%
2016 1.73% 7.17%
2015 3.97% 2.53%
2014 3.59% 2.35%
2013 2.72% 5.92%
2012 5.1% 10.3%
2011 4.47% 3.08%
2010 3.55% -0.25%
2009 5.16% 12.9%
2008 8.4% 15.4%
2007 2.28% 9.08%
2006 3.3% 8.88%
2005 2.17% 9.01%
2004 2.74% 12.3%
2003 7.93% 7.45%
2002 12.5% 1.99%
2001 37.7% 3.34%
2000 96.1% 3.9%
1999 52.2% -2.41%
1998 36.1% 6.21%
1997 30.7% 12%

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

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

Over the past 28 years, Ecuador has recorded an average annual inflation rate of 11.8%, compared with 6.83% in Rwanda. In 2024, inflation was 1.55% in Ecuador and 1.77% in Rwanda.

Balance of trade

Ecuador Rwanda
Current account balance
$7.06B
2024
-$1.81B
2024
Current account balance ranking
27/190
2024
140/190
2024
Current account balance, % of GDP
+5.66%
2024
-12.7%
2024
Goods imports
$27.9B
2024
$5.55B
2024
Goods exports
$34.7B
2024
$3.2B
2024
Service imports
$6.18B
2024
$991M
2024
Service exports
$3.86B
2024
$1.08B
2024
Imports of goods and services, % of GDP
26.9%
2024
39.1%
2024
Exports of goods and services, % of GDP
30.3%
2024
30.8%
2024

Economic freedom indices

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

Ecuador Rwanda
Economic freedom 55.6 56.5
Economic freedom ranking 127/197 121/197
Property rights 33.2 60.3
Government integrity 33 53.9
Judicial effectiveness 48.1 27.5
Tax burden 74.2 80.6
Government spending 54.9 75.7
Fiscal health 90.3 37.5
Business freedom 64.3 60.1
Labor freedom 56.9 49.1
Monetary freedom 76.3 72.3
Trade freedom 66.4 61.8
Investment freedom 30 60
Financial freedom 40 40

Economic freedom comparison by year

Ecuador
Rwanda
1x
Year Economic freedom index
Ecuador Rwanda
2026 55.6 56.5
2025 55.8 54.8
2024 55 51.6
2023 55 52.2
2022 54.3 57.1
2021 52.4 68.3
2020 51.3 70.9
2019 46.9 71.1
2018 48.5 69.1
2017 49.3 67.6
2016 48.6 63.1
2015 49.2 64.8
2014 48 64.7
2013 46.9 64.1
2012 48.3 64.9
2011 47.1 62.7
2010 49.3 59.1
2009 52.5 54.2
2008 55.2 54.2
2007 55.3 52.4
2006 54.6 52.8
2005 52.9 51.7
2004 54.4 53.3
2003 54.1 47.8
2002 53.1 50.4
2001 55.1 45.4
2000 59.8 42.3
1999 62.9 39.8
1998 62.8 39.1
1997 61 38.3
1996 60.1 -
1995 57.7 -

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

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

The Economic Freedom Index for Ecuador is 55.6, ranking 127/197, compared to 56.5 for Rwanda, ranking 121/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Ecuador Rwanda
Services, % of GDP
57.2%
2024
47.6%
2024
Industry, % of GDP
26.5%
2024
21%
2024
Agriculture, forestry, and fishing, % of GDP
9.48%
2024
24.6%
2024
GNI, Atlas method
$117B
2024
$14.8B
2024
GNI per capita, PPP
$15,410
2024
$3,620
2024
Total reserves including gold
$6.91B
2024
$2.41B
2024
Total reserves ranking
87/177
2024
123/177
2024
Net foreign direct investment
-$438M
2024
-$560M
2024
Net inflows of foreign direct investment
$443M
2024
$573M
2024
Net outflows of foreign direct investment
$0
2024
$13.2M
2024
Servicing debt to the IMF, % of GNI
7%
2024
3.09%
2024
Poverty at national poverty lines
28%
2024
27.4%
2023
Gross capital formation, % of GDP
18.5%
2024
25.9%
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/rwanda | 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 (1992–2024, 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. International Monetary Fund (IMF) | Public Finances in Modern History (1995–2000, retrieved 2026-02-20)
  6. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  7. 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.