Overview of Quito


Economy of Quito


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Ecuador

With a GDP of 97.8 billion USD in 2016, the economy of Ecuador has been growing steadily since the 1960's. This growth was harshly interrupted by a severe financial crisis 1999, leading to high number of migrants leaving the country and the decision to change the local currency sucres to US dollars in 2001.

After this downfall, the country's economy started to grow again with an average of 4,6% from per year between 2001 and 2006, and even more the years after that.

Ecuador, being a biodiverse country, has many national resources. Major export products are oil, bananas, shrimps, and gold, but also the export of flowers, mainly roses, and canned fish stimulate the Ecuadorian significantly. Natural products like cacao and coffee (beans) are gaining popularity in the worldwide market, because of their good quality.

Quito

Ecuador's capital is the second largest city of the country, after the coastal city of Guayaquil. Because of its large harbor, Guayaquil is the main trading city, especially for important export products like bananas, shrimps, and canned tuna.

Quito is Ecuador financial and political center; most ministries and secretaries are located in the capital. Also, Quito is located in north of the country, were many rose plantations are located, creating a growing flower industry benefiting the inhabitants of the capital.

Another important industry in Quito is tourism. The capital is the port for tourists entering the country, whether they come to explore the mainland or to visit the Galapagos Islands. Therefore, many tour agencies and operators are located in the capital creating job opportunities for both Ecuadorians and foreign residents.

Update 24/01/2019

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