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Economy of Ecuador vs Zambia compared: GDP & Debt

Updated on by Georank team

Ecuador has a GDP of $125B compared to $25.3B for Zambia, ranking 62/197 and 116/197 by economy size, respectively.

Ecuador has $67B in government debt (53.8% of GDP), compared to $29.1B (114.9% of GDP) in Zambia.

Ecuador vs Zambia GDP by year

Ecuador
Zambia
1x
Year GDP, current $
Ecuador Zambia
2024 $124,676,074,700 $25,303,185,342
2023 $121,147,057,000 $27,577,956,471
2022 $116,133,121,000 $29,163,782,140
2021 $107,179,074,000 $22,096,416,932
2020 $95,865,473,000 $18,137,764,931
2019 $107,595,830,000 $23,308,667,781
2018 $107,478,961,000 $26,311,507,274
2017 $104,467,486,000 $25,873,601,261
2016 $97,671,433,000 $20,958,412,538
2015 $97,209,558,000 $21,251,216,799
2014 $102,717,794,000 $27,141,023,558
2013 $96,570,334,000 $28,037,239,463
2012 $87,735,048,000 $25,503,060,420
2011 $78,986,648,000 $23,459,515,276
2010 $68,151,329,000 $20,265,559,484
2009 $60,094,978,000 $15,328,342,304
2008 $61,139,438,000 $17,910,858,638
2007 $49,848,725,000 $14,056,957,976
2006 $45,690,762,000 $12,756,858,899
2005 $40,278,849,000 $8,331,870,169
2004 $35,194,947,000 $6,221,110,219
2003 $30,965,208,000 $4,901,869,764
2002 $27,054,197,000 $4,193,850,445
2001 $23,127,055,000 $4,094,441,301
2000 $17,539,454,727 $3,600,632,111
1999 $19,645,272,636 $3,404,284,891
1998 $27,981,896,948 $3,537,741,942
1997 $28,162,053,027 $4,303,288,480
1996 $25,226,393,197 $3,597,220,962
1995 $24,432,884,442 $3,806,983,413
1994 $22,708,673,337 $3,656,806,166
1993 $18,938,717,359 $3,273,505,344
1992 $18,094,238,119 $3,182,810,841
1991 $16,988,535,268 $3,376,806,697
1990 $15,239,272,612 $3,288,381,797
1989 $13,890,823,705 $3,994,673,161
1988 $13,051,881,851 $3,728,878,149
1987 $13,945,426,859 $2,265,250,972
1986 $15,314,138,472 $1,664,413,508
1985 $17,149,088,413 $2,252,454,500
1984 $16,912,509,092 $2,719,518,933
1983 $17,152,477,037 $3,321,048,451
1982 $19,929,846,396 $3,871,117,093
1981 $21,810,759,354 $4,008,126,497
1980 $17,881,508,242 $3,884,530,854
1979 $14,175,160,902 $3,353,445,378
1978 $11,922,497,876 $2,811,032,473
1977 $11,026,342,618 $2,515,296,940
1976 $9,091,921,030 $2,742,859,263
1975 $7,731,674,472 $2,442,672,141
1974 $6,599,257,044 $2,910,981,262
1973 $3,891,754,150 $2,434,255,237
1972 $3,185,986,087 $1,872,416,680
1971 $2,754,219,271 $1,653,259,341
1970 $2,862,503,139 $1,788,779,285
1969 $3,112,165,727 $1,926,399,230
1968 $2,582,179,864 $1,573,739,371
1967 $2,553,595,172 $1,340,639,464
1966 $2,429,308,639 $1,238,999,505
1965 $2,387,047,396 $1,061,199,576
1964 $2,244,146,103 $822,639,671
1963 $1,824,343,871 $704,339,719
1962 $1,518,207,703 $679,279,729
1961 $1,753,850,955 $682,359,727
1960 $2,069,464,937 $698,739,721

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

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

GDP per capita in Ecuador vs Zambia by year

Ecuador
GDP per capita

GDP per capita, PPP
Zambia
GDP per capita

GDP per capita, PPP
1x
Year Current $
Ecuador Zambia
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $6,875 $15,840 $1,187 $4,215
2023 $6,738 $15,919 $1,331 $4,077
2022 $6,516 $15,198 $1,447 $3,841
2021 $6,061 $13,507 $1,127 $3,503
2020 $5,464 $11,527 $952 $3,157
2019 $6,205 $12,543 $1,259 $3,361
2018 $6,304 $12,187 $1,464 $3,442
2017 $6,233 $11,793 $1,483 $3,392
2016 $5,918 $10,881 $1,239 $3,313
2015 $5,976 $10,878 $1,296 $3,337
2014 $6,406 $11,836 $1,707 $3,441
2013 $6,109 $11,296 $1,821 $3,477
2012 $5,634 $10,245 $1,710 $3,324
2011 $5,154 $9,769 $1,625 $3,228
2010 $4,520 $8,969 $1,451 $3,098
2009 $4,053 $8,662 $1,136 $2,872
2008 $4,195 $8,663 $1,376 $2,708
2007 $3,479 $8,112 $1,119 $2,555
2006 $3,244 $7,885 $1,052 $2,378
2005 $2,909 $7,457 $711 $2,213
2004 $2,586 $6,980 $549 $2,068
2003 $2,316 $6,475 $446 $1,942
2002 $2,059 $6,282 $394 $1,837
2001 $1,791 $5,999 $397 $1,785
2000 $1,382 $5,728 $359 $1,709
1999 $1,575 $5,638 $350 $1,654
1998 $2,284 $5,940 $373 $1,601
1997 $2,341 $5,793 $466 $1,631
1996 $2,136 $5,560 $400 $1,585
1995 $2,108 $5,469 $433 $1,501
1994 $1,997 $5,339 $426 $1,464
1993 $1,698 $5,112 $391 $1,607
1992 $1,655 $4,998 $389 $1,505
1991 $1,587 $4,887 $423 $1,534
1990 $1,455 $4,632 $422 $1,522
1989 $1,356 - $526 -
1988 $1,304 - $504 -
1987 $1,426 - $315 -
1986 $1,604 - $238.2 -
1985 $1,842 - $332 -
1984 $1,864 - $413 -
1983 $1,940 - $520 -
1982 $2,314 - $627 -
1981 $2,601 - $670 -
1980 $2,190 - $669 -
1979 $1,783 - $595 -
1978 $1,541 - $514 -
1977 $1,465 - $474 -
1976 $1,242 - $533 -
1975 $1,086 - $490 -
1974 $954 - $601 -
1973 $579 - $518 -
1972 $488 - $410 -
1971 $434 - $372 -
1970 $465 - $414 -
1969 $521 - $459 -
1968 $445 - $387 -
1967 $454 - $341 -
1966 $445 - $325 -
1965 $450 - $287.4 -
1964 $436 - $230 -
1963 $365 - $203.2 -
1962 $312 - $202.3 -
1961 $371 - $209.7 -
1960 $451 - $221.6 -

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

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

Ecuador's GDP per capita is $6,875, ranking 103/197, compared to $1,187 in Zambia, ranking 169/197. Adjusted for purchasing power (GDP per capita PPP), Ecuador ranks 110th at $15,840, while Zambia ranks 166th at $4,215.

Economic indicators

Ecuador Zambia
Gross domestic product
$125B
2024
$25.3B
2024
GDP rank
62/197
2024
116/197
2024
GDP growth
-2%
2023-2024
3.82%
2023-2024
GDP per capita
$6,875
2024
$1,187
2024
GDP per capita rank
103/197
2024
169/197
2024
GDP per capita, PPP
$15,840
2024
$4,215
2024
GDP per capita PPP rank
110/197
2024
166/197
2024
Government debt
$67B
2024
$29.1B
2024
Debt-to-GDP ratio
53.8%
2024
114.9%
2024
Government debt per person
$3,695
2024
$1,365
2024
Government debt per person rank
93/185
2024
134/185
2024
Average annual personal income after taxes
$5,894
2026
$1,349
2026
Market capitalization of domestic companies
$747M
2000
$7.77B
2024
Income share by richest 10%
33.4%
2024
39.1%
2022
Income share by poorest 10%
1.5%
2024
1.5%
2022
Government expenditure, % of GDP
38.1%
2024
25.5%
2024
Consumer prices inflation
1.55%
2023-2024
15%
2023-2024
Central bank interest rate n/a
14.3%
2025
Unemployment rate
3.39%
2024
5.86%
2023
Population
18487749
22697916

Spending and national debt comparison by year

Ecuador
Spending

Debt
Zambia
Spending

Debt
1x
Year % of GDP
Ecuador Zambia
Government spending Government debt Government spending Government debt
2024 38.1% 53.8% 25.5% 114.9%
2023 39.5% 54.3% 27.4% 129.1%
2022 38.9% 57.2% 28.2% 99.5%
2021 37.5% 61.8% 30.5% 111%
2020 40.2% 63.6% 34% 140%
2019 39.8% 52.1% 29.8% 103.3%
2018 40.9% 49.5% 27.7% 81.2%
2017 40.5% 47.4% 25% 66.6%
2016 44.1% 46.1% 23.9% 61.2%
2015 44.1% 36.4% 27.6% 61.9%
2014 45.9% 28.2% 24.3% 33.9%
2013 46.7% 23.4% 24% 25.9%
2012 43.2% 19.3% 21.9% 24.9%
2011 39.6% 18.6% 19.5% 20.8%
2010 35.4% 18.4% 18.1% 18.9%
2009 34.3% 19.7% 17.8% 20.5%
2008 35.6% 24.9% 19.5% 19.2%
2007 24.7% 29.6% 19.9% 21.9%
2006 21.7% 33.1% 19.7% 25%
2005 22% 35.8% 22.5% 75.7%
2004 21.3% 40.2% 23.3% 129.9%
2003 21.3% 47.2% 27.3% 159.5%
2002 22.8% 55% 27.6% 180.2%
2001 21.4% 63.8% 28% 210.2%
2000 24.3% 92.2% 21.4% 261%
1999 24.1% 105.2% - -
1998 21.5% 70.3% - -
1997 22% 61.5% - -
1996 22.7% 69.3% - -
1995 22% 70.5% - -

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/zambia | CC BY

In 2024, Ecuador's government spending was $47.5B, accounting for 38.1% of its GDP, while Zambia spent $6.45B, or 25.5% of GDP.

Debt-to-GDP ratio is 53.8% in Ecuador and 114.9% in Zambia, ranking 98/185 and 13/185, respectively.

Government deficit by year

Deficit/surplus
Ecuador

Zambia
1x
Year Deficit/surplus, % of GDP
Ecuador Zambia
2024 -1.28% -3.32%
2023 -3.48% -5.48%
2022 0.04% -7.82%
2021 -1.59% -8.13%
2020 -7.38% -13.8%
2019 -3.47% -9.41%
2018 -2.8% -8.31%
2017 -5.77% -7.5%
2016 -10.3% -5.69%
2015 -6.87% -8.88%
2014 -8.11% -5.43%
2013 -8.17% -6.4%
2012 -2.83% -3.16%
2011 -0.13% -1.78%
2010 -1.39% -2.43%
2009 -3.71% -2.06%
2008 0.57% -0.67%
2007 2.66% -1.04%
2006 2.92% 16.9%
2005 0.66% -2.37%
2004 1.94% -2.51%
2003 1.05% -5.31%
2002 0.74% -4.5%
2001 0.03% -5.89%
2000 -0.32% 1.16%
1999 -4.82% -
1998 -5.1% -
1997 -2.83% -
1996 -3.44% -
1995 -2.02% -

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

GeoRank.org/economy/ecuador/zambia | 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 Zambia's deficit of $840M, or 3.32% of GDP.

Over the past 25 years, Ecuador recorded a fiscal deficit in 16 of those years, while Zambia ran a deficit in 23 years. On average, Ecuador posted an annual deficit equal to 2.28% of GDP, compared to deficit of 4.15% of GDP for Zambia.

Inflation comparison by year

Inflation
Ecuador

Zambia
1x
Year Consumer prices inflation
Ecuador Zambia
2024 1.55% 15%
2023 2.22% 10.9%
2022 3.47% 11%
2021 0.13% 22%
2020 -0.34% 15.7%
2019 0.27% 9.2%
2018 -0.22% 7.5%
2017 0.42% 6.6%
2016 1.73% 17.9%
2015 3.97% 10.1%
2014 3.59% 7.8%
2013 2.72% 7%
2012 5.1% 6.6%
2011 4.47% 8.7%
2010 3.55% 8.5%
2009 5.16% 13.4%
2008 8.4% 12.4%
2007 2.28% 10.7%
2006 3.3% 9%
2005 2.17% 18.3%
2004 2.74% 18%
2003 7.93% 21.4%
2002 12.5% 22.2%
2001 37.7% 21.4%
2000 96.1% 24.1%
1999 52.2% 23.9%
1998 36.1% 22.7%
1997 30.7% 21.4%

Data sources: International Monetary Fund (IMF) | World Economic Outlook (1997–2024, retrieved 2026-02-20); World Bank | Economy & Growth (1997–2024, retrieved 2026-04-06).

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

Over the past 28 years, Ecuador has recorded an average annual inflation rate of 11.8%, compared with 14.4% in Zambia. In 2024, inflation was 1.55% in Ecuador and 15% in Zambia.

Top exports between countries

Ecuador
Export category Export value
Zambia
Export category Export value
Miscellaneous $2K

Balance of trade

Ecuador Zambia
Current account balance
$7.06B
2024
-$487M
2024
Current account balance ranking
27/190
2024
106/190
2024
Current account balance, % of GDP
+5.66%
2024
-1.93%
2024
Goods imports
$27.9B
2024
$10.1B
2024
Goods exports
$34.7B
2024
$11.4B
2024
Service imports
$6.18B
2024
$1.94B
2024
Service exports
$3.86B
2024
$1.38B
2024
Imports of goods and services, % of GDP
26.9%
2024
27.6%
2024
Exports of goods and services, % of GDP
30.3%
2024
35%
2024

Economic freedom indices

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

Ecuador Zambia
Economic freedom 55.6 51.9
Economic freedom ranking 127/197 152/197
Property rights 33.2 43.9
Government integrity 33 39.3
Judicial effectiveness 48.1 45
Tax burden 74.2 74.3
Government spending 54.9 78.1
Fiscal health 90.3 30.9
Business freedom 64.3 53.4
Labor freedom 56.9 48.8
Monetary freedom 76.3 66.6
Trade freedom 66.4 62.8
Investment freedom 30 40
Financial freedom 40 40

Economic freedom comparison by year

Ecuador
Zambia
1x
Year Economic freedom index
Ecuador Zambia
2026 55.6 51.9
2025 55.8 50.9
2024 55 48.4
2023 55 47.8
2022 54.3 48.7
2021 52.4 50.4
2020 51.3 53.5
2019 46.9 53.6
2018 48.5 54.3
2017 49.3 55.8
2016 48.6 58.8
2015 49.2 58.7
2014 48 60.4
2013 46.9 58.7
2012 48.3 58.3
2011 47.1 59.7
2010 49.3 58
2009 52.5 56.6
2008 55.2 56.2
2007 55.3 56.2
2006 54.6 56.8
2005 52.9 55
2004 54.4 54.9
2003 54.1 55.3
2002 53.1 59.6
2001 55.1 59.5
2000 59.8 62.8
1999 62.9 64.2
1998 62.8 62.7
1997 61 62.1
1996 60.1 59.6
1995 57.7 55.1

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

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

The Economic Freedom Index for Ecuador is 55.6, ranking 127/197, compared to 51.9 for Zambia, ranking 152/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Ecuador Zambia
Services, % of GDP
57.2%
2024
57.2%
2024
Industry, % of GDP
26.5%
2024
35.2%
2024
Agriculture, forestry, and fishing, % of GDP
9.48%
2024
2.83%
2024
GNI, Atlas method
$117B
2024
$25.9B
2024
GNI per capita, PPP
$15,410
2024
$3,850
2024
Total reserves including gold
$6.91B
2024
$4.09B
2024
Total reserves ranking
87/177
2024
106/177
2024
Net foreign direct investment
-$438M
2024
-$1.32B
2024
Net inflows of foreign direct investment
$443M
2024
$2.36B
2024
Net outflows of foreign direct investment
$0
2024
$311M
2024
Servicing debt to the IMF, % of GNI
7%
2024
16.9%
2024
Poverty at national poverty lines
28%
2024
60%
2022
Gross capital formation, % of GDP
18.5%
2024
23.8%
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/zambia | 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. 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)
  8. TradeMap (2021, retrieved 2026-02-08)

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.