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Guayaquil is the industrial and commercial hub of Ecuador, with a potential for investments as well as a diverse and exciting lifestyle. In 2016, Guayaquil contributed 25% to Ecuador's GDP. Its economic success is primarily based on a seaport, accounting for 82% of port movement in Ecuador. Guayaquil has made significant progress towards its regional and international trade importance, as 70% of Ecuador's external trade transits through the port of Guayaquil.
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As of 2016, Guayaquil had a 36% labour productivity advantage over the rest of the country, although 20% behind the capital Quito. Guayaquil mainly benefits from its advantageous geographical location and seaport, as most international import and export merchandise passes through the Gulf of Guayaquil.
As of 2016, household disposable incomes were 19% greater in Guayaquil compared with the rest of the country. The labour force participation rate is relatively smaller: 69% of its working-age population was either employed or looking for a job in 2016, versus 74% in the rest of the country.
As a result of higher income levels, households in Guayaquil spent on average 24% more on consumer goods (excluding transport and housing) in 2016. Guayaquil features relatively higher consumer spending, as compared to the rest of Ecuador, on major budget categories: recreation and culture, education, hotels and catering.
Guayaquil is less affordable than the rest of Ecuador in terms of per household expenditure on transport and housing, which, in tandem, was 30% higher in the city in 2016. Higher motorisation rates translate into 13% of total expenditure directed towards transport, compared to a 12% share elsewhere in Ecuador.
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