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Chile:
Economy

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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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