Economy of Guayaquil, Ecuador

20160505_093737

Coffee beans in Ecuador

20160505_093814

Chocolate fruit containing Beans

Ecuador’s main agricultural products are chocolate, bananas and coffee, in that order. They also are a major exporter of roses to all parts of the world. Oil is also a significant part of the economy. Because of the lowered oil prices during the past year, the country is in a recession. The president also raised the sales tax to 22.7% to raise the two billion dollars needed to repair the earthquake damages. Since the economy is based on the U.S. dollar, the cost of things is very high.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

w

Connecting to %s