Análisis del crecimiento económico del Ecuador: la función de producción de Cobb-Douglas período 2013-2023

Abstract

This quantitative analysis examines economic growth in Ecuador from 2013 to 2023, using the Cobb-Douglas production function to assess the influence of Gross Fixed Capital Formation (GFCF) and Economically Active Population (EAP) on Gross Domestic Product (GDP). The data were obtained from the Central Bank of Ecuador and analysed with the Ordinary Least Squares (OLS) method and logarithmic transformations. The results show that FBKF and ADP have a positive and statistically significant impact on GDP. Specifically, a 1% increase in EAP increases GDP by 1.19%, and a 1% increase in FBKF raises it by 0.42%. Moreover, the sum of the coefficients indicates increasing returns to scale, suggesting that proportional increases in these inputs generate higher increases in GDP. It is recommended to promote policies that strengthen investment in physical capital and human capital development for sustainable economic growth.