But aside from the staggering human cost, the quake comes as a big economic blow to oil-producing Ecuador, which has already taken a huge hit from the drop in global crude prices.

Mr Correa spoke to the nation and estimated that rebuilding could come to as much as $3 billion, and knock two or three points off the country's GDP. He said some state assets would be sold, but did not specify which.

Mr Correa's address on Wednesday night ended a day that began before dawn with panic as a new 6.1-magnitude earthquake struck off the coast. The latest quake caused no damage or casualties, but shook the ground forcefully in the dark of night, sending terrified residents running into the streets in the devastated resort town of Pedernales.

Meanwhile, the toll from the quake continued to rise as emergency workers untangled the masses of rubble, often by hand or with basic tools.

"The death toll will continue to rise, unfortunately, but at a slower pace. Many bodies have already been recovered," Mr Correa warned.

At least 11 foreigners were killed in the quake, which struck a Pacific coast region popular with tourists. They included an Irish nun and citizens of Canada and several Latin American countries.