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Quito, the capital of Ecuador, is an important centre of economic and social activities. It made a 25% contribution to Ecuador's GDP in 2016, on a par with the nation's port city, Guayaquil. A significant concentration of tertiary industries in Quito translates into a 79% greater labour productivity level than in the rest of Ecuador. The rapid economic development of Quito has been driven by the competition with Guayaquil for the status of the most influential city in Ecuador.
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Quito is the leading financial and business centre of Ecuador, with business services contributing 20% of the city's gross value added (GVA), compared to 16% in the rest of the country. The concentration of high-value-added business services boosts labour productivity in Quito to a level that is 79% higher than in the rest of the country and 25% higher than in Guayaquil, in particular.
Quito's household disposable income advantage over the rest of the country (35% in 2016) is not as large as its labour productivity premium, being offset by the city's lower employment rate as well as average household size.
The income advantage in Quito contributes to consumer spending per household (excluding transport and housing) being 35% higher compared with other parts of the country, as of 2016. In comparison with the rest of Ecuador, the biggest absolute spending differentials in Quito are recorded in education (+62% per household in 2016), recreation and culture (+46%), and hotels and restaurants (+45%).
Per household expenditure on transport and housing is 39% higher in the city than in remaining Ecuador. The number of passenger cars per 1,000 inhabitants in Quito is more than double compared to the rest of Ecuador (120 versus 49 in 2016). Meanwhile, after seven years of boom, the real estate market has endured challenging times since 2014 amid the turn of a business cycle.
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