| Economy | Chile |
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Economy - overview:
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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 account for more than one-fourth of GDP, with commodities making up some three-quarters of total exports. Copper alone provides one-third of government revenue. 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. Since 1999, growth has averaged 4% per year. 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 59 such agreements (not all of them full free trade agreements), including with the European Union, Mercosur, China, India, South Korea, and Mexico. Over the past seven years, foreign direct investment inflows have quadrupled to some $15 billion in 2010, but FDI had dropped to about $7 billion in 2009 in the face of diminished investment throughout the world. The Chilean government conducts a rule-based countercyclical fiscal policy, accumulating surpluses in sovereign wealth funds during periods of high copper prices and economic growth, and allowing deficit spending only during periods of low copper prices and growth. As of November 2011, those sovereign wealth funds - kept mostly outside the country and separate from Central Bank reserves - amounted to more than $18 billion. Chile used this fund to finance fiscal stimulus packages during the 2009 economic downturn. In December 2009, the OECD invited Chile to become a full member, after a two year period of compliance with organization mandates, and in May 2010 Chile signed the OECD Convention, becoming the first South American country to join the OECD. The economy started to show signs of a rebound in the fourth quarter of 2009, and GDP grew more than 5% in 2010 and more than 6% in 2011. Chile achieved this growth despite the 8.8 magnitude earthquake that struck Chile in February 2010, which was one of the top ten strongest earthquakes on record. The earthquake and subsequent tsunamis it generated caused considerable damage near the epicenter, located about 70 miles from Concepcion - and about 200 miles southwest of Santiago. |
GDP (purchasing power parity):
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$281 billion (2011 est.)
$263.7 billion (2010 est.)
$250.7 billion (2009 est.)
note: data are in 2011 US dollars |
GDP - per capita (PPP):
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$16,100 (2011 est.)
$15,300 (2010 est.)
$14,800 (2009 est.)
note: data are in 2011 US dollars |
GDP (official exchange rate):
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$243 billion (2011 est.) |
GDP - real growth rate:
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6.5% (2011 est.)
5.1% (2010 est.)
-1.5% (2009 est.) |
GDP - composition by sector:
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agriculture: 5.1%
industry: 41.8%
services: 53.1% (2010 est.) |
Investment (gross fixed):
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21.8% of GDP (2011 est.) |
Population below poverty line:
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11.5% (2009) |
Household income or consumption by percentage share:
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lowest 10%: 1.5%
highest 10%: 42.5% (2009) |
Distribution of family income - Gini index:
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52.1 (2009)
57.1 (2000) |
Inflation rate (consumer prices):
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3.3% (2011 est.)
1.4% (2010 est.) |
Central bank discount rate:
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3.12% (31 December 2010 est.)
0.5% (31 December 2009 est.) |
Commercial bank prime lending rate:
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6.3% (31 December 2011 est.)
4.753% (31 December 2010 est.) |
Stock of money:
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$14.72 billion (31 December 2008)
$16.6 billion (31 December 2007) |
Stock of money - per capita:
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872 USD per capita |
Stock of quasi money:
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$73.66 billion (31 December 2008)
$80.42 billion (31 December 2007) |
Stock of quasi money - per capita:
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4,362 USD per capita |
Stock of domestic credit:
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$178.9 billion (31 December 2011 est.)
$160.7 billion (31 December 2010 est.) |
Stock of domestic credit - per capita:
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10,593 USD per capita |
Stock of narrow money:
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$43.35 billion (31 December 2011 est.)
$34.39 billion (31 December 2010 est.) |
Stock of broad money:
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$190.5 billion (31 December 2010 est.)
$160.3 billion (31 December 2009 est.) |
Labor force:
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8.047 million (2011 est.) |
Labor force participation rate:
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47.65 % of population |
Labor force - by occupation:
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agriculture: 13.2%
industry: 23%
services: 63.9% (2005) |
Unemployment rate:
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6.9% (2011 est.)
7.1% (2010 est.) |
Unemployment, youth ages 15-24:
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total: 22.6%
male: 21.5%
female: 24.4% (2009) |
Budget:
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revenues: $57.64 billion
expenditures: $56.1 billion (2011 est.) |
Budget revenues per capita:
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3,413 USD per capita |
Taxes and other revenues:
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23.7% of GDP (2011 est.) |
Budget surplus (+) or deficit (-):
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0.6% of GDP (2011 est.) |
Public debt:
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9.4% of GDP (2011 est.)
9.2% of GDP (2010 est.) |
Industries:
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copper, lithium, other minerals, foodstuffs, fish processing, iron and steel, wood and wood products, transport equipment, cement, textiles |
Industrial production growth rate:
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5.3% (2011 est.) |
Electricity - production:
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60.28 billion kWh (2008 est.) |
Electricity - production per capita:
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3,570 kWh per capita |
Electricity - consumption:
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56.35 billion kWh (2008 est.) |
Electricity - consumption - per capita:
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3,337 kWh per capita |
Electricity - exports:
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0 kWh (2009 est.) |
Electricity - imports:
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818 million kWh (2009 est.) |
Oil - production:
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10,640 bbl/day (2010 est.) |
Oil - production per capita:
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631 bbl/day per capita |
Oil - consumption:
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302,700 bbl/day (2010 est.) |
Oil - consumption - per capita:
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6.54 bbl/year per capita |
Oil - exports:
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52,390 bbl/day (2009 est.) |
Oil - imports:
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305,100 bbl/day (2009 est.) |
Oil - proved reserves:
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150 million bbl (1 January 2011 est.) |
Natural gas - production:
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1.35 billion cu m (2009 est.) |
Natural gas - production per capita:
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80 cu m per capita |
Natural gas - consumption:
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2.84 billion cu m (2009 est.) |
Natural gas - consumption - per capita:
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169 cu m per capita |
Natural gas - exports:
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0 cu m (2009 est.) |
Natural gas - imports:
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1.49 billion cu m (2009 est.) |
Natural gas - proved reserves:
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97.97 billion cu m (1 January 2011 est.) |
Agriculture - products:
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grapes, apples, pears, onions, wheat, corn, oats, peaches, garlic, asparagus, beans; beef, poultry, wool; fish; timber |
Current account balance:
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-$1.099 billion (2011 est.)
$3.802 billion (2010 est.) |
Current account balance - per capita:
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-65 USD per capita |
Exports:
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$86.13 billion (2011 est.)
$71.03 billion (2010 est.) |
Exports per capita:
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5,100 USD per capita |
Exports - commodities:
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copper, fruit, fish products, paper and pulp, chemicals, wine |
Exports - partners:
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China 23.8%, Japan 10.2%, US 10%, Brazil 6%, South Korea 5.9% (2010) |
Imports:
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$72.31 billion (2011 est.)
$55.17 billion (2010 est.) |
Imports per capita:
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4,282 USD per capita |
Imports - commodities:
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petroleum and petroleum products, chemicals, electrical and telecommunications equipment, industrial machinery, vehicles, natural gas |
Imports - partners:
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US 17%, China 13.6%, Argentina 8.5%, Brazil 7.9%, South Korea 5.8%, Japan 5%, Germany 4% (2010) |
Reserves of foreign exchange and gold:
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$41.27 billion (31 December 2011 est.)
$27.83 billion (31 December 2010 est.) |
Reserves of foreign exchange and gold - per capita:
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2,444 USD per capita |
Debt - external:
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$98.68 billion (31 December 2011 est.)
$84.03 billion (31 December 2010 est.) |
Debt - external - per capita:
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5,843 USD per capita |
Stock of direct foreign investment - at home:
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$155.6 billion (31 December 2011 est.)
$137.4 billion (31 December 2010 est.) |
Stock of direct foreign investment - at home - per capita:
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9,214 USD per capita |
Stock of direct foreign investment - abroad:
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$57.57 billion (31 December 2011 est.)
$49.69 billion (31 December 2010 est.) |
Stock of direct foreign investment - abroad - per capita:
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3,409 USD per capita |
Market value of publicly traded shares:
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$341.6 billion (31 December 2010)
$209.5 billion (31 December 2009)
$132.4 billion (31 December 2008) |
Market value of publicly traded shares - per capita:
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20,227 USD per capita |
Currency (code):
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Chilean peso (CLP) |
Exchange rates:
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Chilean pesos (CLP) per US dollar -
470.9 (2011 est.)
510.25 (2010 est.)
560.86 (2009)
509.02 (2008)
526.25 (2007) |
Fiscal year:
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calendar year |
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