unbekannter Gast

Chile: Economy#

Chile has a market-oriented economy characterized by a high level of foreign trade and a reputation for strong financial institutions and sound policy that have given it the strongest sovereign bond rating in South America. Exports of goods and services account for approximately one-third of GDP, with commodities making up some three-quarters of total exports. Copper alone provides 19% of government revenue. From 2003 through 2013, real growth averaged almost 5% per year, despite the slight contraction in 2009 that resulted from the global financial crisis. Chile deepened its longstanding commitment to trade liberalization with the signing of a free trade agreement with the US, which took effect on 1 January 2004. Chile has 22 trade agreements covering 60 countries including agreements with the European Union, Mercosur, China, India, South Korea, and Mexico. Chile has joined the United States and nine other countries in negotiating the Trans-Pacific-Partnership trade agreement. The Chilean Government has generally followed a countercyclical fiscal policy, accumulating surpluses in sovereign wealth funds during periods of high copper prices and economic growth, and generally allowing deficit spending only during periods of low copper prices and growth. As of 31 December 2012, those sovereign wealth funds - kept mostly outside the country and separate from Central Bank reserves - amounted to more than $20.9 billion. Chile used these funds to finance fiscal stimulus packages during the 2009 economic downturn. In May 2010 Chile signed the OECD Convention, becoming the first South American country to join the OECD.

Economic Facts#

GDP (purchasing power parity)$335.4 billion (2013 est.)
$321.3 billion (2012 est.)
$304.2 billion (2011 est.)
note: data are in 2013 US dollars
GDP - real growth rate4.4% (2013 est.)
5.6% (2012 est.)
5.8% (2011 est.)
GDP - per capita (PPP)$19,100 (2013 est.)
$18,500 (2012 est.)
$17,600 (2011 est.)
note: data are in 2013 US dollars
GDP - composition, by sector of originagriculture: 3.6%
industry: 35.4%
services: 61% (2013 est.)
Population below poverty line15.1% (2009 est.)
Household income or consumption by percentage sharelowest 10%: 1.5%
highest 10%: 42.8% (2009 est.)
Labor force - by occupationagriculture: 13.2%
industry: 23%
services: 63.9% (2005)
Exports - commoditiescopper, fruit, fish products, paper and pulp, chemicals, wine
Exports - partnersChina 23.3%, US 12.3%, Japan 10.7%, South Korea 5.8%, Brazil 5.5% (2012)
Agriculture - productsgrapes, apples, pears, onions, wheat, corn, oats, peaches, garlic, asparagus, beans; beef, poultry, wool; fish; timber
Budgetrevenues: $58.49 billion
expenditures: $61.26 billion (2013 est.)
Imports - commoditiespetroleum and petroleum products, chemicals, electrical and telecommunications equipment, industrial machinery, vehicles, natural gas
Imports - partnersUS 22.9%, China 18.2%, Argentina 6.6%, Brazil 6.5% (2012)
Exchange ratesChilean pesos (CLP) per US dollar -
491.7 (2013 est.)
486.49 (2012 est.)
510.25 (2010 est.)
560.86 (2009)
509.02 (2008)
Exports$77.94 billion (2013 est.)
$78.28 billion (2012 est.)
Debt - external$119 billion (31 December 2013 est.)
$112.7 billion (31 December 2012 est.)
Fiscal yearcalendar year
Imports$75.7 billion (2013 est.)
$74.86 billion (2012 est.)
Industrial production growth rate3% (2013 est.)
Industriescopper, lithium, other minerals, foodstuffs, fish processing, iron and steel, wood and wood products, transport equipment, cement, textiles
Inflation rate (consumer prices)1.7% (2013 est.)
3% (2012 est.)
Labor force8.367 million (2013 est.)
Unemployment rate6% (2013 est.)
6.3% (2012 est.)
Distribution of family income - Gini index52.1 (2009)
57.1 (2000)
Public debt13.9% of GDP (2013 est.)
11.9% of GDP (2012 est.)
Current account balance-$10.97 billion (2013 est.)
-$9.499 billion (2012 est.)
Reserves of foreign exchange and gold$39.89 billion (31 December 2013 est.)
$41.65 billion (31 December 2012 est.)
GDP (official exchange rate)$281.7 billion (2013 est.)
Stock of direct foreign investment - at home$214.8 billion (31 December 2013 est.)
$NA (31 December 2012 est.)
Stock of direct foreign investment - abroad$109.2 billion (31 December 2013 est.)
$91.3 billion (31 December 2012 est.)
Market value of publicly traded shares$313.3 billion (31 December 2012 est.)
$270.3 billion (31 December 2011)
$341.6 billion (31 December 2010 est.)
Central bank discount rate3.12% (31 December 2010 est.)
0.5% (31 December 2009 est.)
Commercial bank prime lending rate9.5% (31 December 2013 est.)
10.06% (31 December 2012 est.)
Stock of domestic credit$214 billion (31 December 2013 est.)
$202.5 billion (31 December 2012 est.)
Stock of narrow money$41.61 billion (31 December 2013 est.)
$40.95 billion (31 December 2012 est.)
Stock of broad money$159 billion (31 December 2013 est.)
$150.5 billion (31 December 2012 est.)
Taxes and other revenues20.8% of GDP (2013 est.)
Budget surplus (+) or deficit (-)-1% of GDP (2013 est.)
GDP - composition, by end usehousehold consumption: 63.2%
government consumption: 12%
investment in fixed capital: 25%
investment in inventories: 0.6%
exports of goods and services: 32.7%
imports of goods and services: -33.5%
(2013 est.)
Gross national saving20.8% of GDP (2013 est.)
21.4% of GDP (2012 est.)
22.2% of GDP (2011 est.)