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Chile:
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Other pages in this profile of Chile:
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.
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Economy - overview |
Definition Chile has a market-oriented economy characterized by a high level of foreign trade. During the early 1990s, Chile's reputation as a role model for economic reform was strengthened when the democratic government of Patricio AYLWIN - which took over from the military in 1990 - deepened the economic reform initiated by the military government. Growth in real GDP averaged 8% during 1991-97, but fell to half that level in 1998 because of tight monetary policies implemented to keep the current account deficit in check and because of lower export earnings - the latter a product of the global financial crisis. A severe drought exacerbated the recession in 1999, reducing crop yields and causing hydroelectric shortfalls and electricity rationing, and Chile experienced negative economic growth for the first time in more than 15 years. Despite the effects of the recession, Chile maintained its reputation for strong financial institutions and sound policy that have given it the strongest sovereign bond rating in South America. Between 2000 and 2007 growth ranged between 2%-6%. Throughout these years Chile maintained a low rate of inflation with GDP growth coming from high copper prices, solid export earnings (particularly forestry, fishing, and mining), and growing domestic consumption. President BACHELET in 2006 established an Economic and Social Stabilization Fund to hold excess copper revenues so that social spending can be maintained during periods of copper shortfalls. This fund probably surpassed $20 billion at the end of 2007. Chile continues to attract foreign direct investment, but most foreign investment goes into gas, water, electricity and mining. Unemployment has exhibited a downward trend over the past two years, dropping to 7.8% and 7.0% at the end of 2006 and 2007, respectively. 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 claims to have more bilateral or regional trade agreements than any other country. It has 57 such agreements (not all of them full free trade agreements), including with the European Union, Mercosur, China, India, South Korea, and Mexico. |
GDP (purchasing power parity) |
Definition - World rank and map $231.1 billion (2007 est.) |
GDP (official exchange rate) |
Definition $163.8 billion (2007 est.) |
GDP - real growth rate |
Definition - World rank and map 5% (2007 est.) |
GDP - per capita |
Definition - World rank and map $13,900 (2007 est.) |
GDP - composition by sector |
Definition agriculture: 4.8% industry: 51.2% services: 44% (2007 est.) |
Labor force |
Definition 6.97 million (2007 est.) |
Labor force - by occupation |
Definition agriculture: 13.6% industry: 23.4% services: 63% (2003) |
Unemployment rate |
Definition - World rank and map 7% (2007 est.) |
Population below poverty line |
Definition 18.2% (2005) |
Household income or consumption by percentage share |
Definition lowest 10%: 1.4% highest 10%: 45% (2003) |
Distribution of family income - Gini index |
Definition - World rank and map 54.9 (2003) |
Inflation rate (consumer prices) |
Definition - World rank and map 4.4% (2007 est.) |
Investment (gross fixed) |
Definition - World rank and map 20.6% of GDP (2007 est.) |
Budget |
Definition revenues: $44.96 billion expenditures: $30.51 billion (2007 est.) |
Public debt |
Definition - World rank and map 4.1% of GDP (2007 est.) |
Agriculture - products |
Definition grapes, apples, pears, onions, wheat, corn, oats, peaches, garlic, asparagus, beans; beef, poultry, wool; fish; timber |
Industries |
Definition copper, other minerals, foodstuffs, fish processing, iron and steel, wood and wood products, transport equipment, cement, textiles |
Industrial production growth rate |
Definition - World rank and map 11.1% (2007 est.) |
Electricity - production |
Definition - World rank and map 47.6 billion kWh (2006) |
Electricity - consumption |
Definition - World rank and map 48.31 billion kWh (2005) |
Electricity - consumption per capita |
Definition - World rank and map 2,936.1 kWh (2005) |
Electricity - exports |
Definition 0 kWh (2005) |
Electricity - imports |
Definition 2.152 billion kWh (2005) |
Oil - production |
Definition - World rank and map 15,100 bbl/day (2006 est.) |
Oil - consumption |
Definition - World rank and map 238,000 bbl/day (2006 est.) |
Oil - consumption per 1,000 people |
Definition - World rank and map 14.5 bbl/day (2006 est.) |
Oil - exports |
Definition - World rank and map 31,510 bbl/day (2004) |
Oil - imports |
Definition - World rank and map 222,900 bbl/day (2006 est.) |
Oil - proved reserves |
Definition - World rank and map 150 million bbl (1 January 2006 est.) |
Natural gas - production |
Definition - World rank and map 1.957 billion cu m (2005 est.) |
Natural gas - consumption |
Definition - World rank and map 8.191 billion cu m (2005 est.) |
Natural gas - consumption per capita |
Definition - World rank and map 498 cu m (2005 est.) |
Natural gas - exports |
Definition - World rank and map 0 cu m (2005 est.) |
Natural gas - imports |
Definition - World rank and map 6.234 billion cu m (2005) |
Natural gas - proved reserves |
Definition - World rank and map 93.97 billion cu m (1 January 2006 est.) |
Current account balance |
Definition - World rank and map $6.05 billion (2007 est.) |
Exports |
Definition - World rank and map $67.64 billion f.o.b. (2007 est.) |
Exports - commodities |
Definition copper, fruit, fish products, paper and pulp, chemicals, wine |
Exports - partners |
Definition China 14.8%, US 12.5%, Japan 10.5%, Netherlands 5.8%, South Korea 5.7%, Italy 5.1%, Brazil 5% (2006) |
Imports |
Definition - World rank and map $43.99 billion f.o.b. (2007 est.) |
Imports - commodities |
Definition petroleum and petroleum products, chemicals, electrical and telecommunications equipment, industrial machinery, vehicles, natural gas |
Imports - partners |
Definition US 16.7%, China 11.2%, Brazil 10.3%, Argentina 9.9% (2006) |
Reserves of foreign exchange and gold |
Definition - World rank and map $16.84 billion (31 December 2007 est.) |
Debt - external |
Definition - World rank and map $49.65 billion (30 June 2007) |
Stock of direct foreign investment - at home |
Definition $98.53 billion (2007 est.) |
Stock of direct foreign investment - abroad |
Definition $32.33 billion (2007 est.) |
Market value of publicly traded shares |
Definition $174.6 billion (2006) |
Economic aid - recipient |
Definition $0 (2006) |
Currency (code) |
Definition Chilean peso (CLP) |
Exchange rates |
Definition Chilean pesos per US dollar - 526.25 (2007), 530.29 (2006), 560.09 (2005), 609.37 (2004), 691.43 (2003) |
Fiscal year |
Definition calendar year |
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