Ecuador

Ecuador is located on the Northwest Coast of South America, bordering the Pacific Ocean between Colombia and Peru.

Ecuador was a part of the northern Inca Empire until Spanish conquest in 1533. Quito, as it was called then, became a seat of Spanish colonial government in 1563 and part of the Viceroyalty of New Granada in 1717. The territories of the Viceroyalty (i.e. New Granada [Colombia], Venezuela, and Quito) gained their independence between 1819 and 1822 and formed a federation known as Gran Colombia. When Quito withdrew in 1830, the traditional name was changed to 'Republic of Ecuador'. In September 2008, voters approved a new constitution, which was Ecuador's 20th since gaining independence.

The Republic of Ecuador is divided into 24 provinces, with Quito as its capital. The official language of Ecuador is Spanish.

In March 2000, Congress approved a series of structural reforms that provided for the adoption of the United States dollar (USD) as legal currency. Dollarisation stabilised the economy, and positive growth occurred in the following years mainly because of high oil prices and increased non-traditional exports.

Ecuador is substantially dependent on its petroleum resources, which have accounted for more than half of the country's export earnings and one-fourth of the public sector revenues in recent years.

Ecuador has been experiencing fluctuating growth over the last few years. According to the Ecuadorian Central Bank, the economy reached a growth rate of -9.1% in 2020 (COVID-19 impact), 4.5% in 2021, 3.8% in 2022, and 2.4% in 2023. According to forecasts, the annual gross domestic product (GDP) growth for 2024 is estimated to be around 0.8% to 0.9%.

PwC has been present in Ecuador since 1969 and has over 320 professionals located in offices in Quito and Guayaquil. During these past 54 years, we have served the most prestigious local and foreign entities operating in Ecuador.

The PwC Industry Focus enhances our effectiveness. Clients benefit from access to professionals who have relevant industry knowledge and who can tailor solutions to specific needs. The industry programs cover the main economic sectors: Financial Services, Energy and Utilities, Retail and Consumer, Industrial Products and Services, Technology, Entertainment and Media, and Government Services.

As our main objective is to assist our clients in being successful, we welcome any questions you may have on our services in general or on the specific information described herein.