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 60% of total exports. Copper alone provides 20% 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. Growth slowed to an estimated 2.3% in 2015. A continued drop in copper prices prompted Chile to experience its second consecutive year of slow growth, elevated inflation, and a depreciating currency.

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 EU, Mercosur, China, India, South Korea, and Mexico. In May 2010, Chile signed the OECD Convention, becoming the first South American country to join the OECD. In October 2015, Chile joined the US and 10 other countries and concluded negotiations on the Trans-Pacific Partnership trade agreement. The agreement will need to be ratified by the Chilean legislature.

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 October 2015, those sovereign wealth funds - kept mostly outside the country and separate from Central Bank reserves - amounted to more than $22.4 billion. Chile used these funds to finance fiscal stimulus packages during the 2009 economic downturn.

In 2014, President Michelle BACHELET introduced tax reforms aimed at delivering her campaign promise to fight inequality and to provide access to education and health care. The reforms are expected to generate additional tax revenues equal to 3% of Chile’s GDP, mostly by increasing corporate tax rates to OECD averages.

Economic Facts#

GDP (purchasing power parity)$436.1 billion (2016 est.)
$428.8 billion (2015 est.)
$419.2 billion (2014 est.)
note: data are in 2016 dollars
GDP (official exchange rate)$234.9 billion (2015 est.)
GDP - real growth rate1.7% (2016 est.)
2.3% (2015 est.)
1.8% (2014 est.)
GDP - per capita (PPP)$24,000 (2016 est.)
$23,800 (2015 est.)
$23,500 (2014 est.)
note: data are in 2016 dollars
Gross national saving20.4% of GDP (2016 est.)
20.4% of GDP (2015 est.)
20.9% of GDP (2014 est.)
GDP - composition, by end usehousehold consumption: 64.9%
government consumption: 14.1%
investment in fixed capital: 22%
investment in inventories: -0.2%
exports of goods and services: 27.7%
imports of goods and services: -28.5% (2016 est.)
GDP - composition, by sector of originagriculture: 4%
industry: 32.4%
services: 63.6% (2016 est.)
Agriculture - productsgrapes, apples, pears, onions, wheat, corn, oats, peaches, garlic, asparagus, beans; beef, poultry, wool; fish; timber
Industriescopper, lithium, other minerals, foodstuffs, fish processing, iron and steel, wood and wood products, transport equipment, cement, textiles
Industrial production growth rate0.2% (2016 est.)
Labor force8.777 million (2016 est.)
Labor force - by occupationagriculture: 13.2%
industry: 23%
services: 63.9% (2005)
Unemployment rate7% (2016 est.)
6.3% (2015 est.)
Population below poverty line14.4% (2013)
Household income or consumption by percentage sharelowest 10%: 1.5%
highest 10%: 42.8% (2009 est.)
Distribution of family income - Gini index52.1 (2009)
57.1 (2000)
Budgetrevenues: $49.52 billion
expenditures: $55.74 billion (2016 est.)
Taxes and other revenues21.1% of GDP (2016 est.)
Budget surplus (+) or deficit (-)-2.6% of GDP (2016 est.)
Public debt18.5% of GDP (2016 est.)
16.7% of GDP (2015 est.)
Fiscal yearcalendar year
Inflation rate (consumer prices)4.1% (2016 est.)
4.3% (2015 est.)
Central bank discount rate3.12% (31 December 2010)
0.5% (31 December 2009)
Commercial bank prime lending rate6.1% (31 December 2016 est.)
5.52% (31 December 2015 est.)
Stock of narrow money$45.71 billion (31 December 2016 est.)
$39.88 billion (31 December 2015 est.)
Stock of broad money$154.4 billion (31 December 2014 est.)
$158 billion (31 December 2013 est.)
Stock of domestic credit$218.5 billion (31 December 2016 est.)
$188.4 billion (31 December 2015 est.)
Market value of publicly traded shares$190.4 billion (31 December 2015 est.)
$233.2 billion (31 December 2014 est.)
$265.2 billion (31 December 2013 est.)
Current account balance-$4.55 billion (2016 est.)
-$4.765 billion (2015 est.)
Exports$56.32 billion (2016 est.)
$62.23 billion (2015 est.)
Exports - commoditiescopper, fruit, fish products, paper and pulp, chemicals, wine
Exports - partnersChina 26.3%, US 13.2%, Japan 8.5%, South Korea 6.5%, Brazil 4.9% (2015)
Imports$56.86 billion (2016 est.)
$58.74 billion (2015 est.)
Imports - commoditiespetroleum and petroleum products, chemicals, electrical and telecommunications equipment, industrial machinery, vehicles, natural gas
Imports - partnersChina 23.4%, US 18.8%, Brazil 7.8%, Argentina 4% (2015)
Reserves of foreign exchange and gold$36.79 billion (31 December 2016 est.)
$38.64 billion (31 December 2015 est.)
Debt - external$160 billion (31 December 2016 est.)
$156.1 billion (31 December 2015 est.)
Stock of direct foreign investment - at home$194.8 billion (31 December 2016 est.)
$176.8 billion (31 December 2015 est.)
Stock of direct foreign investment - abroad$89.23 billion (31 December 2016 est.)
$72.81 billion (31 December 2015 est.)
Exchange ratesChilean pesos (CLP) per US dollar -
673.2 (2016 est.)
658.93 (2015 est.)
658.93 (2014 est.)
570.37 (2013 est.)
486.49 (2012 est.)