About a third of the labor force are still involved in agriculture. Grain growing and livestock raising are The principal activities. The seafood sector has shown rapid expansion. In the last 10 years Ecuador has shown a large developement within the exotic flower industry, becoming one of latin americas leading exporters in this field. In the urban centers, especially Cuenca, Quito, and Guayaquil, factories produce textiles, shoes, processed foods and other manufactured goods, principally for the internal consumer market.
Plants also process agricultural products for export.
During the 1970s, petroleum became an important part of the Ecuadorian economy. Resources in the eastern part of the country were largely developed by U.S. Corporations, and a pipeline was built to bring the petroleum to the coast in the northern part of the country for shipment abroad. In 1977, the government agreed to buy out the U.S. interests, and the first refinery opened. Much of the new wealth was used inefficiently, however, the oil boom stimulated considerable inflation. To compound the economic difficulties, the worldwide slump in the oil industry markedly reduced Ecuador's foreign exchange earnings beginning in 1982.