Page "Economy of Ecuador" Paragraph 6

Buoyed by higher oil prices, the Ecuadorian economy experienced a modest recovery in 2000-01, with GDP rising 2. 3 % in 2000 and 5. 4 % in 2001.

GDP growth leveled off to 3. 3 % in 2002.

Although final figures are not yet available, it is expected to fall further, to about 1. 7 %, for 2003.

GDP growth is estimated to recover to over 4 % in 2004, due largely to expanded oil exports.

Inflation fell from an annual rate of 96. 1 % in 2000 to an annual rate of 22. 4 % in 2001 ; although final figures are not yet available, it is expected to drop below 7 % for 2003.

Despite recent gains, 40 % of the population lives below the poverty line, more than double the rate five years ago.