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Economy of Ecuador vs Singapore compared: GDP & Debt

Updated on by Georank team

Ecuador has a GDP of $125B compared to $547B for Singapore, ranking 62/197 and 28/197 by economy size, respectively.

Ecuador has $67B in government debt (53.8% of GDP), compared to $950B (173.5% of GDP) in Singapore.

Ecuador vs Singapore GDP by year

Ecuador
Singapore
1x
Year GDP, current $
Ecuador Singapore
2024 $124,676,074,700 $547,386,645,892
2023 $121,147,057,000 $505,439,514,078
2022 $116,133,121,000 $509,017,841,147
2021 $107,179,074,000 $436,591,382,250
2020 $95,865,473,000 $349,165,858,545
2019 $107,595,830,000 $376,161,998,830
2018 $107,478,961,000 $377,123,710,561
2017 $104,467,486,000 $343,673,334,902
2016 $97,671,433,000 $319,646,468,521
2015 $97,209,558,000 $307,998,545,269
2014 $102,717,794,000 $314,863,580,758
2013 $96,570,334,000 $307,576,360,585
2012 $87,735,048,000 $295,092,888,077
2011 $78,986,648,000 $279,356,499,090
2010 $68,151,329,000 $239,807,980,591
2009 $60,094,978,000 $194,150,283,772
2008 $61,139,438,000 $193,617,323,539
2007 $49,848,725,000 $180,941,701,358
2006 $45,690,762,000 $148,627,286,361
2005 $40,278,849,000 $127,807,848,728
2004 $35,194,947,000 $115,033,593,101
2003 $30,965,208,000 $97,646,401,096
2002 $27,054,197,000 $92,538,372,870
2001 $23,127,055,000 $89,793,790,670
2000 $17,539,454,727 $96,076,539,926
1999 $19,645,272,636 $86,286,849,755
1998 $27,981,896,948 $85,728,207,782
1997 $28,162,053,027 $100,123,787,215
1996 $25,226,393,197 $96,293,086,513
1995 $24,432,884,442 $87,812,540,788
1994 $22,708,673,337 $73,688,724,431
1993 $18,938,717,359 $60,603,815,716
1992 $18,094,238,119 $52,131,320,033
1991 $16,988,535,268 $45,466,164,978
1990 $15,239,272,612 $36,144,336,769
1989 $13,890,823,705 $30,465,364,739
1988 $13,051,881,851 $25,371,462,488
1987 $13,945,426,859 $20,919,215,578
1986 $15,314,138,472 $18,586,746,057
1985 $17,149,088,413 $19,156,532,746
1984 $16,912,509,092 $19,749,361,098
1983 $17,152,477,037 $17,784,112,150
1982 $19,929,846,396 $16,084,252,378
1981 $21,810,759,354 $14,175,228,844
1980 $17,881,508,242 $11,896,256,783
1979 $14,175,160,902 $9,296,921,724
1978 $11,922,497,876 $7,517,176,355
1977 $11,026,342,618 $6,618,585,074
1976 $9,091,921,030 $6,327,077,974
1975 $7,731,674,472 $5,633,673,930
1974 $6,599,257,044 $5,221,534,956
1973 $3,891,754,150 $3,696,213,333
1972 $3,185,986,087 $2,721,440,981
1971 $2,754,219,271 $2,263,785,444
1970 $2,862,503,139 $1,920,574,150
1969 $3,112,165,727 $1,659,893,768
1968 $2,582,179,864 $1,425,706,091
1967 $2,553,595,172 $1,238,035,816
1966 $2,429,308,639 $1,096,425,608
1965 $2,387,047,396 $974,644,096
1964 $2,244,146,103 $894,153,311
1963 $1,824,343,871 $917,608,012
1962 $1,518,207,703 $826,239,212
1961 $1,753,850,955 $764,629,788
1960 $2,069,464,937 $704,751,700

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

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

GDP per capita in Ecuador vs Singapore by year

Ecuador
GDP per capita

GDP per capita, PPP
Singapore
GDP per capita

GDP per capita, PPP
1x
Year Current $
Ecuador Singapore
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $6,875 $15,840 $90,674 $150,689
2023 $6,738 $15,919 $85,412 $143,786
2022 $6,516 $15,198 $90,299 $143,095
2021 $6,061 $13,507 $80,056 $132,617
2020 $5,464 $11,527 $61,410 $101,518
2019 $6,205 $12,543 $65,952 $105,335
2018 $6,304 $12,187 $66,882 $103,963
2017 $6,233 $11,793 $61,236 $95,744
2016 $5,918 $10,881 $57,006 $89,902
2015 $5,976 $10,878 $55,646 $87,156
2014 $6,406 $11,836 $57,565 $84,555
2013 $6,109 $11,296 $56,967 $83,088
2012 $5,634 $10,245 $55,548 $82,108
2011 $5,154 $9,769 $53,891 $80,052
2010 $4,520 $8,969 $47,237 $75,401
2009 $4,053 $8,662 $38,927 $66,213
2008 $4,195 $8,663 $40,009 $67,735
2007 $3,479 $8,112 $39,433 $68,805
2006 $3,244 $7,885 $33,768 $64,061
2005 $2,909 $7,457 $29,961 $58,822
2004 $2,586 $6,980 $27,608 $54,384
2003 $2,316 $6,475 $23,730 $48,778
2002 $2,059 $6,282 $22,160 $45,083
2001 $1,791 $5,999 $21,700 $43,109
2000 $1,382 $5,728 $23,853 $43,781
1999 $1,575 $5,638 $21,797 $39,949
1998 $2,284 $5,940 $21,829 $37,560
1997 $2,341 $5,793 $26,376 $39,286
1996 $2,136 $5,560 $26,233 $36,873
1995 $2,108 $5,469 $24,915 $35,090
1994 $1,997 $5,339 $21,552 $33,058
1993 $1,698 $5,112 $18,290 $30,062
1992 $1,655 $4,998 $16,136 $27,022
1991 $1,587 $4,887 $14,502 $25,530
1990 $1,455 $4,632 $11,862 $23,815
1989 $1,356 - $10,395 -
1988 $1,304 - $8,914 -
1987 $1,426 - $7,539 -
1986 $1,604 - $6,800 -
1985 $1,842 - $7,002 -
1984 $1,864 - $7,228 -
1983 $1,940 - $6,633 -
1982 $2,314 - $6,078 -
1981 $2,601 - $5,597 -
1980 $2,190 - $4,928 -
1979 $1,783 - $3,901 -
1978 $1,541 - $3,194 -
1977 $1,465 - $2,846 -
1976 $1,242 - $2,759 -
1975 $1,086 - $2,490 -
1974 $954 - $2,342 -
1973 $579 - $1,685 -
1972 $488 - $1,264 -
1971 $434 - $1,071 -
1970 $465 - $926 -
1969 $521 - $813 -
1968 $445 - $709 -
1967 $454 - $626 -
1966 $445 - $567 -
1965 $450 - $517 -
1964 $436 - $486 -
1963 $365 - $511 -
1962 $312 - $472 -
1961 $371 - $449 -
1960 $451 - $428 -

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

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

Ecuador's GDP per capita is $6,875, ranking 103/197, compared to $90,674 in Singapore, ranking 7/197. Adjusted for purchasing power (GDP per capita PPP), Ecuador ranks 110th at $15,840, while Singapore ranks 2nd at $150,689.

Economic indicators

Ecuador Singapore
Gross domestic product
$125B
2024
$547B
2024
GDP rank
62/197
2024
28/197
2024
GDP growth
-2%
2023-2024
4.39%
2023-2024
GDP per capita
$6,875
2024
$90,674
2024
GDP per capita rank
103/197
2024
7/197
2024
GDP per capita, PPP
$15,840
2024
$150,689
2024
GDP per capita PPP rank
110/197
2024
2/197
2024
Government debt
$67B
2024
$950B
2024
Debt-to-GDP ratio
53.8%
2024
173.5%
2024
Government debt per person
$3,695
2024
$157,326
2024
Government debt per person rank
93/185
2024
1/185
2024
Average annual personal income after taxes
$5,894
2026
$52,793
2026
Market capitalization of domestic companies
$747M
2000
$638B
2024
Number of millionaires n/a
331,000
2025
Number of billionaires n/a
49
2025
Income share by richest 10%
33.4%
2024
n/a
Income share by poorest 10%
1.5%
2024
n/a
Government expenditure, % of GDP
38.1%
2024
14.6%
2024
Consumer prices inflation
1.55%
2023-2024
2.39%
2023-2024
Unemployment rate
3.39%
2024
2.74%
2024
Population
18487749
6125852

Spending and national debt comparison by year

Ecuador
Spending

Debt
Singapore
Spending

Debt
1x
Year % of GDP
Ecuador Singapore
Government spending Government debt Government spending Government debt
2024 38.1% 53.8% 14.6% 173.5%
2023 39.5% 54.3% 14.8% 172.8%
2022 38.9% 57.2% 15% 154.3%
2021 37.5% 61.8% 15.6% 141.7%
2020 40.2% 63.6% 24.1% 148.2%
2019 39.8% 52.1% 14% 127.9%
2018 40.9% 49.5% 13.9% 109.4%
2017 40.5% 47.4% 13.6% 107.6%
2016 44.1% 46.1% 15.3% 106.3%
2015 44.1% 36.4% 14.4% 102.2%
2014 45.9% 28.2% 12.6% 97.7%
2013 46.7% 23.4% 10.9% 98.2%
2012 43.2% 19.3% 9.83% 106.7%
2011 39.6% 18.6% 9.66% 103.1%
2010 35.4% 18.4% 10.2% 98.7%
2009 34.3% 19.7% 15.9% 101.7%
2008 35.6% 24.9% 14% 97.9%
2007 24.7% 29.6% 9.01% 87.8%
2006 21.7% 33.1% 12.3% 86.5%
2005 22% 35.8% 12.4% 92.7%
2004 21.3% 40.2% 14.1% 95.7%
2003 21.3% 47.2% 15.6% 99.1%
2002 22.8% 55% 15.9% 96.3%
2001 21.4% 63.8% 18.2% 94.5%
2000 24.3% 92.2% 16.1% 82.3%
1999 24.1% 105.2% 15.9% 85.3%
1998 21.5% 70.3% 18.1% 84.6%
1997 22% 61.5% 14.5% 70.8%
1996 22.7% 69.3% 18.1% 71.3%
1995 22% 70.5% 13.8% 69.8%
1994 - - 11.7% 70.7%
1993 - - 14.5% 71.2%
1992 - - 14.5% 79%
1991 - - 15.9% 76.4%
1990 - - 15.1% 73.5%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1995–2000, retrieved 2026-02-20).

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

In 2024, Ecuador's government spending was $47.5B, accounting for 38.1% of its GDP, while Singapore spent $79.7B, or 14.6% of GDP.

Debt-to-GDP ratio is 53.8% in Ecuador and 173.5% in Singapore, ranking 98/185 and 4/185, respectively.

Government deficit by year

Deficit/surplus
Ecuador

Singapore
1x
Year Deficit/surplus, % of GDP
Ecuador Singapore
2024 -1.28% 4.44%
2023 -3.48% 3.47%
2022 0.04% 1.21%
2021 -1.59% 1.13%
2020 -7.38% -6.73%
2019 -3.47% 3.77%
2018 -2.8% 3.68%
2017 -5.77% 5.24%
2016 -10.3% 3.25%
2015 -6.87% 2.86%
2014 -8.11% 4.6%
2013 -8.17% 5.96%
2012 -2.83% 7.34%
2011 -0.13% 7.96%
2010 -1.39% 5.68%
2009 -3.71% -0.09%
2008 0.57% 3.59%
2007 2.66% 7.12%
2006 2.92% 2.16%
2005 0.66% 2.56%
2004 1.94% 2.06%
2003 1.05% 0.68%
2002 0.74% 2.23%
2001 0.03% 1.2%
2000 -0.32% 4.59%
1999 -4.82% 5.2%
1998 -5.1% 2.41%
1997 -2.83% 5.66%
1996 -3.44% 1.98%
1995 -2.02% 4.8%
1994 - 7.9%
1993 - 4.36%
1992 - 2.7%
1991 - 0.68%
1990 - 1.97%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20).

GeoRank.org/economy/ecuador/singapore | 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 Singapore's surplus of $24.3B, or 4.44% of GDP.

Over the past 30 years, Ecuador recorded a fiscal deficit in 21 of those years, while Singapore ran a deficit in 2 years. On average, Ecuador posted an annual deficit equal to 2.51% of GDP, compared to surplus of 3.33% of GDP for Singapore.

Inflation comparison by year

Inflation
Ecuador

Singapore
1x
Year Consumer prices inflation
Ecuador Singapore
2024 1.55% 2.39%
2023 2.22% 4.83%
2022 3.47% 6.13%
2021 0.13% 2.32%
2020 -0.34% -0.17%
2019 0.27% 0.57%
2018 -0.22% 0.44%
2017 0.42% 0.58%
2016 1.73% -0.53%
2015 3.97% -0.52%
2014 3.59% 1.03%
2013 2.72% 2.36%
2012 5.1% 4.58%
2011 4.47% 5.25%
2010 3.55% 2.83%
2009 5.16% 0.59%
2008 8.4% 6.64%
2007 2.28% 2.11%
2006 3.3% 0.97%
2005 2.17% 0.43%
2004 2.74% 1.66%
2003 7.93% 0.51%
2002 12.5% -0.39%
2001 37.7% 1%
2000 96.1% 1.36%
1999 52.2% 0.02%
1998 36.1% -0.27%
1997 30.7% 2%

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

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

Over the past 28 years, Ecuador has recorded an average annual inflation rate of 11.8%, compared with 1.74% in Singapore. In 2024, inflation was 1.55% in Ecuador and 2.39% in Singapore.

Top exports between countries

Ecuador
Export category Export value
Animal & marine products $7.44M
Raw agricultural goods $4.29M
Processed food, beverages & tobacco $691K
Metals $228K
Machinery & equipment $104K
Chemicals & pharma $41K
Textiles & consumer goods $40K
Miscellaneous $3K
Raw materials & minerals $1K
Wood & paper products $1K
Singapore
Export category Export value
Machinery & equipment $40.1M
Textiles & consumer goods $4.95M
Wood & paper products $4.1M
Chemicals & pharma $3.22M
Processed food, beverages & tobacco $2.58M
Miscellaneous $2.49M
Metals $1.17M
Raw materials & minerals $1.02M
Raw agricultural goods $296K
Precious metals & jewellery $2K

Balance of trade

Ecuador Singapore
Current account balance
$7.06B
2024
$96B
2024
Current account balance ranking
27/190
2024
8/190
2024
Current account balance, % of GDP
+5.66%
2024
+17.5%
2024
Goods imports
$27.9B
2024
$435B
2024
Goods exports
$34.7B
2024
$583B
2024
Service imports
$6.18B
2024
$351B
2024
Service exports
$3.86B
2024
$396B
2024
Imports of goods and services, % of GDP
26.9%
2024
143.6%
2024
Exports of goods and services, % of GDP
30.3%
2024
178.8%
2024

Economic freedom indices

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

Ecuador Singapore
Economic freedom 55.6 84.4
Economic freedom ranking 127/197 1/197
Property rights 33.2 89.2
Government integrity 33 86.1
Judicial effectiveness 48.1 58.3
Tax burden 74.2 89.5
Government spending 54.9 93.4
Fiscal health 90.3 80
Business freedom 64.3 90.6
Labor freedom 56.9 77
Monetary freedom 76.3 83.5
Trade freedom 66.4 95
Investment freedom 30 90
Financial freedom 40 80

Economic freedom comparison by year

Ecuador
Singapore
1x
Year Economic freedom index
Ecuador Singapore
2026 55.6 84.4
2025 55.8 84.1
2024 55 83.5
2023 55 83.9
2022 54.3 84.4
2021 52.4 89.7
2020 51.3 89.4
2019 46.9 89.4
2018 48.5 88.8
2017 49.3 88.6
2016 48.6 87.8
2015 49.2 89.4
2014 48 89.4
2013 46.9 88
2012 48.3 87.5
2011 47.1 87.2
2010 49.3 86.1
2009 52.5 87.1
2008 55.2 87.3
2007 55.3 87.1
2006 54.6 88
2005 52.9 88.6
2004 54.4 88.9
2003 54.1 88.2
2002 53.1 87.4
2001 55.1 87.8
2000 59.8 87.7
1999 62.9 86.9
1998 62.8 87
1997 61 87.3
1996 60.1 86.5
1995 57.7 86.3

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

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

The Economic Freedom Index for Ecuador is 55.6, ranking 127/197, compared to 84.4 for Singapore, ranking 1/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Ecuador Singapore
Services, % of GDP
57.2%
2024
73%
2024
Industry, % of GDP
26.5%
2024
21.4%
2024
Agriculture, forestry, and fishing, % of GDP
9.48%
2024
0.03%
2024
GNI, Atlas method
$117B
2024
$451B
2024
GNI per capita, PPP
$15,410
2024
$126,190
2024
Total reserves including gold
$6.91B
2024
$384B
2024
Total reserves ranking
87/177
2024
9/177
2024
Net foreign direct investment
-$438M
2024
-$96.7B
2024
Net inflows of foreign direct investment
$443M
2024
$152B
2024
Net outflows of foreign direct investment
$0
2024
$55.3B
2024
Servicing debt to the IMF, % of GNI
7%
2024
n/a
Poverty at national poverty lines
28%
2024
n/a
Gross capital formation, % of GDP
18.5%
2024
22.2%
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/singapore | 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 (1990–2024, 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.