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Economy

The economy of Ecuador is based primarly on exports of bananas, oil, shrimp and flowers. Ecuador is the world's largest exporter of bananas, and a major exporter of shrimp. Industry in Ecuador is largely oriented to servicing the domestic market.

In the late 1990s, Ecuador suffered through a large economic crisis, resulting in a collapse of the banking system and defaults on its external debt. In 2000, Congress approved a series of structural reforms that helped to stabilize the economy. Included in these reforms was the adoption of the US dollar as legal tendar. Dollarization stabilized the economy and resulted in positive growth throughout the following years, aided by high oil prices and greater diversification of exports.

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Updated: 4 June 2008