Top 10 facts about Ecuador

Top 10 facts about Ecuador

CONTENTS

  1. Geography and population of Ecuador

  2. Official language of Ecuador

  3. Currency in Ecuador

  4. Internet in Ecuador

  5. Economic development in Ecuador

  6. Job in Ecuador

  7. Working days and holidays in Ecuador

  8. Ecuadorian mentality

  9. Advertising in Ecuador

  10. Cryptocurrency in Ecuador

1. Geography and population of Ecuador

The land of Ecuador is divided into three main regions: Costa (coastal region), Sierra (mountainous region) and Oriente (eastern region).

Because Ecuador sits on the Ring of Fire - a long, horseshoe-shaped, seismically active belt of epicenters for earthquakes, volcanoes, and tectonic plate boundaries bordering the Pacific Basin - it has experienced several significant and deadly earthquakes.

The geography of Ecuador is very diverse for the country, the total area of which is only 283,560 square kilometers, of which 6,720 square kilometers consists of water. These statistics include the Galapagos Islands, which are part of Ecuador. As the name suggests, Ecuador is located on the equator, with neighboring countries Colombia to the north and Peru to the south and east. To the west of Ecuador lies the beautiful Pacific Ocean, and its ocean area is 200 nautical miles.

General information about Ecuador:

Capital: Quito

Area: 283 560 km²

Calling code: +593

Internet top level domain: .ec

Population: 17.77 million

Population of Ecuador

Ecuador's population is projected to peak at 25.21 million in 2079. The population, which stood at 17.64 million in 2020, will surpass 20 million in 2031. In 2079, Ecuador will have a population of around 24.54 million.

The population growth rate of Ecuador from 2019 to 2020 is 1.55%, increasing the population by about 269,000. Ecuador has a positive net migration and a fertility rate of 2.44 births per woman, which is higher than the reproduction rate of 2.1 births per woman.

Ecuador continues to face widespread poverty, with about 35% of its population living in poverty, leading to chronic malnutrition. Rapid population growth will exacerbate these problems.

The main ethnic groups in Ecuador include a number of indigenous-speaking populations (often referred to as indigenous people or Indians) as well as mountain and lowland Hispanic mestizos (people of mixed indigenous and European descent).

Big cities/ number of residents

  1. Guayaquil - 2,278,691

  2. Quito - 1,607,734

  3. Cuenca - 329,928

  4. Santo domingo - 270,875

  5. Machala - 231,260

  6. Duran - 230,839

  7. Manta - 217,553

  8. Portoviejo - 206,682

  9. Loja - 170,280

  10. Ambato - 165,185

2. Official language of Ecuador

The official language of Ecuador is Spanish, although there are dialectal differences between Sierra Spanish and Costa Spanish. Sierra Spanish was influenced by Quechua. The indigenous people of the country speak Quechua and Shuar (both are official intercultural languages), as well as other ancestral languages.

There are over 10 indigenous languages in Ecuador and some of them are likely to remain native. Most indigenous men are bilingual and women are becoming bilingual as well. The concepts of bilingualism and bilingual or multicultural education are becoming more and more important.

3. Currency of Ecuador

You may be surprised to learn that Ecuador uses the US dollar as currency. This happened in 2000 when their own currency, the Sucre, plummeted due to the financial crisis. The local population began to use dollars, and soon the government recognized the dollar as the official currency.

  • Dish of the day - soup, fish and vegetables, dessert and fresh juice can be bought for $3-6 in a big city like Quito.

  • Hotel rooms are around $20 per night, while expensive luxury rooms are around $400 per night.

4. Internet in Ecuador

In January 2021, there were 10.17 million Internet users in Ecuador.

The number of Internet users in Ecuador increased by 147 thousand (+ 1.5%) from 2020 to 2021.

The Internet using rate in Ecuador in January 2021 was 57.3%.

In October 2021, fixed broadband in Ecuador surpassed mobile in download and upload speeds. While the South American nation's fixed broadband download speed was 31.29 Mbps, the average mobile speed was 27.12 Mbps.

5. Economic development of Ecuador

The Allianza Pais party was elected for a four-year term in 2017. Moreno turned the socialist legacy of his leftist predecessor by adopting a moderate economic and foreign policy agenda, implementing reforms to promote foreign trade and cutting government spending, but fierce protests from leftist groups forced the government to keep costly fuel subsidies. Ecuador, the world's largest exporter of bananas, also remains a major transit country for drugs. Its dollarized economy relies heavily on oil, which accounts for more than half of export earnings and about 25% of public sector revenues. The budget deficit is financed by Chinese debt.

Corruption undermines property rights protection and contract enforcement. The independence of the judiciary has grown stronger in recent years, despite persisting systemic deficiencies.

Business freedom in Ecuador has dropped to levels close to that of a depressed economy. The increased costs of starting a business make entrepreneurship difficult. The National Wages Council and the Ministry of Labor Relations set minimum wage levels for the private sector annually.

6. Job in Ecuador

Average monthly salary by industry

On average, a professional working in Ecuador makes about $26,800 per year. In addition, low-income individuals receive about $300 per month, while high-income individuals receive about $9,870 per month. This includes basic salary and benefits such as food, transportation, and housing allowance.

Highest paying jobs in Ecuador

1. Chief Executive Officer Senior Manager - $1,685

2. Regional Manager/ Senior manager of the Director - $1255

3. Top manager of the CEO - $1,210

4. Leasing Director - $1,173

5. Managing Director/ Senior Manager - $1.144

6. Economic/ Financial Manager Top Manager- $1,118

7. Leading Information Technology Developer - $1,094

8. Air traffic controller Transport, cargo transportation, logistics - $1,064

9. Aviation, transportation, logistics - $1,044

10. Judicial Law and Legislation - $1,031

7. Working days and holidays in Ecuador

Festive calendar for 2022

January, 1st - New Year

February 28 - Carnival

March, 1st - Carnival

April, 15 - Good Friday

May, 1st - Labor day

May, 2 - Labor Day

May, 24 - Battle of Pichincha Celebration

August, 10 -  National Day

October, 9 - Independence of Guayaquil

October, 10 - Mongolian Independence Day in Guayaquil

November, 2 - Memorial Day

November, 3 -  Independence of Cuenca

November, 10 - Day of remembrance of the dead

December, 25 - Christmas

December, 26 - Christmas Holidays

8. Ecuadorian mentality

The citizens are very proud to be Ecuadorians and call themselves ecuatorianos and gente people. Despite continued discrimination, indigenous and black citizens identify themselves as Ecuadorians as well as indigenous or blacks.

The predominant religion is Roman Catholic, but there are other Christian denominations as well. However, the indigenous people of Ecuador mixed Catholicism with their traditional beliefs. An example is the almost synonymous union of Pacha Mama (Mother Earth) and the Virgin Mary.

All Ecuadorians demand respect in communication, and conflict, on an interpersonal, collective or group basis, occurs when disrespect is consistently observed or implied. One of the main features of the black social movement is expressed in the phrase el rescate de la dignidad national ("salvation of national dignity").

9. Advertising in Ecuador

The main medium of advertising in Ecuador is television. In addition to eleven national television networks, there are several local stations in major cities and six cable / satellite television networks that broadcast programs in Latin America, the United States and Europe. On-demand service providers like Netflix are entering the Ecuadorian market. According to the National Institute of Statistics and Census, 94 percent of the population own a television.

Newspapers are the 2nd most important advertising medium. Five newspapers have a nationwide circulation. El Universo is the newspaper with the largest circulation in Ecuador and El Comercio is the dominant newspaper in Quito. When it comes to radio advertising, there are about 1,000 radio stations that broadcast approximately 8 million listeners daily. Radio is especially important when target markets include suburban and rural areas.

However, the development of digital advertising remains slow. While it is adapting to these digital trends and the growing influence of tablets, smartphones, this area only grows when offline versions are added. What's more, key evening news programs compete with new online media outlets.

10. Cryptocurrency in Ecuador

The central bank of Ecuador said bitcoin is not an authorized payment method in Ecuador. He further explained that Bitcoin, as a cryptocurrency, is not supported by any authorities, since its value is based only on speculation.

The central bank also said, however, that buying and selling cryptocurrencies such as bitcoin over the Internet is not prohibited, but reiterated that bitcoin is not legal tender and is not an authorized way to pay for goods and services under Article 94 of the Monetary and Financial Code.

Most recently, presidential candidate Andrade Giovanni expressed interest in creating a cryptocurrency at the same time as the standardized US dollar economy of Ecuador.

While the proposal remains controversial due to Ecuador's adoption of the US dollar in 1999, interest and support for cryptocurrency in the country's banking sector have been gaining momentum since 2018.

 

Similar articles

Top 10 facts about Indonesia

Top 10 facts about GEOs

Despite low Internet speeds in Indonesia, 73.7% of the country's population - 205 million people are active Internet users. Check out this article and learn more about this GEO.

Top 10 facts about Costa Rica

Top 10 facts about GEOs

Costa Rica is characterized by a monolithic ethnic composition of the population. It follows that the interests, customs and other things of almost the entire population are similar. It can facilitate the segmentation of the audience when setting up your advertising campaigns.

Top 10 facts about Taiwan

Top 10 facts about GEOs

Taiwan is an island nation located near China. Taiwan is a unique place. For example, you can come across a lot of flora and fauna found nowhere else in the world. Here we talk about life, mentality, business, and many interesting facts about this GEO