The Mineral Industry Of Other Areas Of South America - Ecuador

After becoming an oil exporter in 1972, Ecuador experienced a remarkable economic upswing until 1978. However, in 1979 and 1980, a combination of only slight improvements in agricultural output and stagnating petroleum output lowered rates of real gross domestic product (GDP) expansion to 5.3% and 4.3%, respectively. In current prices, the GDP in 1980 was estimated at $11.3 billion.2 The slowdown in growth is attributable in large part to the low level of petroleum exploration in the 1972-79 period. Ecuador's production of petroleum declined 4.5% in 1980 compared with that of 1979. The consortium of Corporación Eatetal Petrolera Ecuatoriana (CEPS), the State oil company, and Texaco, Inc., operating in Ecuador's eastern jungle region was responsible for nearly all of 1980 production, The volume of total crude petroleum exports from Ecuador dropped from 44.7 million barrels in 1979 to 40 million barrels in 1980, although crude petroleum export revenues rose from $1,032 million in 1979 to $1,294 million in 1980- The latter figure represented 54% of Ecuador's 1980 merchandise exports. Crude oil exports accounted far about 46% of the value of 1979 merchandise exports. The total nonfuel mineral exports in 1980 were valued at less than $1 million.