These care were built with fuel economy in mind, not performance. Picking up 40HP is a pretty high goal, and wont be accomplished with a few bolt-ons like an intake and exhaust. Also, because they were built for fuel economy, the transmissions are geared rather high and thus reduce torque and hp at the wheels.
High compression pistons, performance cams, some head work and professional tuning would be required to even start getting near your goal. The above mentioned would be maybe a 25HP gain, and thats being optimistic.
The most cost effective way of obtain a 40hp gain would be a turbo and a good reliable tune.
I dont think there will much available for a good quality turbo kit for this car, so piecing together a custom kit is likely the only option. So figure $1000-$1500 for a good turbo, piping, Inter cooler, waste gate, BOV, MAP sensor, Exhaust, other misc parts, plus fabrication to make it all fit, and then you will need your ECU tuned to make it run right, and be reliable. And thats if its possible to chip and tune the ECU in your echo. A stand alone system may be needed to make it all work. They are not cheap, or easy to install. Also have to question the strength of these these engines. Im not confident it would last long under boost in stock form, for example, breaking a connecting rod, or melting a piston.