Ecuador, officially the Republic of Ecuador, is a Latin American country located on the west coast of South America. Similar to Peru and Colombia, Ecuador was once a Spanish colony. While the country gained its independence from Spain in the Ecuadorian War of Independence (1820-1822), it was then considered territory of Gran Colombia until 1830. Economically, Ecuador relies on its petroleum exports, and despite its struggles during the 1999-2000 banking crisis, it has since then regained stability.