The death toll in Ecuador earthquake has been revised to 413 even as rescue teams dug up more people buried under the rubble.

Hundreds are still feared missing after the quake, the strongest to hit Ecuador since 1979, hit the country's coastal areas.

Ecuador's President Rafael Correa said he feared the death toll could go up even higher.

"I fear that figure will go up because we keep on removing rubble. There are signs of life in the rubble, and that is being prioritised," Correa said in a televised address to the nation.

The magnitude 7.8 quake jolted a sparsely populated area 170 kilometers northwest of capital Quito on Saturday evening.

According to the US Geological Survey, the earthquake struck at a rather shallow depth of 19.2 km about 27km from Muisne.

Two days after the quake rescue personnel saved six people, including two girls, from under the rubble, BBC reported.

More than 13,500 emergency workers, including hundreds from neighbouring South American countries, are taking part in rescue efforts.

Correa said the quake could cost Ecuador billions of dollars. Around $600 million in credit from multilateral lenders was activated immediately after the disastrous quake hit the country whose economy is reeling from the fall in crude prices.