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Chile Economy 2014
http://www.theodora.com/wfbcurrent/chile/chile_economy.html
SOURCE: 2014 CIA WORLD FACTBOOK AND OTHER SOURCES


















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Page last updated on January 31, 2014

Economy - overview:
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 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 2012, 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. In 2012, foreign direct investment inflows reached $28.2 billion, an increase of 63% over the previous record set in 2011. 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.

GDP (purchasing power parity):
$316.9 billion (2012 est.)
country comparison to the world: 43

$300.1 billion (2011 est.)
$283.7 billion (2010 est.)
note: data are in 2012 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$264.5 billion (2012 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
5.6% (2012 est.)
country comparison to the world: 50

5.8% (2011 est.)
5.7% (2010 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$18,200 (2012 est.)
country comparison to the world: 72

$17,400 (2011 est.)
$16,600 (2010 est.)
note: data are in 2012 US dollars
[see also: GDP - per capita country ranks ]

Gross national saving:
21.4% of GDP (2012 est.)
country comparison to the world: 66

22.2% of GDP (2011 est.)
23.9% of GDP (2010 est.)

GDP - composition, by end use:
household consumption: 62.5%
government consumption: 12.1%
investment in fixed capital: 24.1%
investment in inventories: 0.8%
exports of goods and services: 34.2%
imports of goods and services: -33.9%

(2012 est.)

GDP - composition, by sector of origin:
agriculture: 3.6%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 36%
services: 60.4% (2012 est.)

Agriculture - products:
grapes, apples, pears, onions, wheat, corn, oats, peaches, garlic, asparagus, beans; beef, poultry, wool; fish; timber

Industries:
copper, lithium, other minerals, foodstuffs, fish processing, iron and steel, wood and wood products, transport equipment, cement, textiles

Industrial production growth rate:
4.8% (2012 est.)
country comparison to the world: 58
[see also: Industrial production growth rate country ranks ]

Labor force:
8.234 million (2012 est.)
country comparison to the world: 59
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 13.2%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 23%
services: 63.9% (2005)

Unemployment rate:
6.3% (2012 est.)
country comparison to the world: 68

6.6% (2011 est.)
[see also: Unemployment rate country ranks ]

Population below poverty line:
15.1% (2009 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 1.5%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 42.8% (2009 est.)

Distribution of family income - Gini index:
52.1 (2009)
country comparison to the world: 15

57.1 (2000)
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $58.81 billion
[see also: Budget revenues country ranks ]
expenditures: $57.38 billion (2012 est.)

Taxes and other revenues:
22.2% of GDP (2012 est.)
country comparison to the world: 153
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
0.5% of GDP (2012 est.)
country comparison to the world: 39
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
11.9% of GDP (2012 est.)
country comparison to the world: 141

11.1% of GDP (2011 est.)
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
3% (2012 est.)
country comparison to the world: 95

3.3% (2011 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
3.12% (31 December 2010 est.)
country comparison to the world: 139

0.5% (31 December 2009 est.)
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
10.06% (31 December 2012 est.)
country comparison to the world: 98

9.03% (31 December 2011 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$40.95 billion (31 December 2012 est.)
country comparison to the world: 52

$34.54 billion (31 December 2011 est.)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$193.2 billion (31 December 2011 est.)
country comparison to the world: 41

$191.7 billion (31 December 2010 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$202.5 billion (31 December 2012 est.)
country comparison to the world: 39

$164.1 billion (31 December 2011 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$270.3 billion (31 December 2011)
country comparison to the world: 26

$341.6 billion (31 December 2010)
$209.5 billion (31 December 2009)
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$-9.499 billion (2012 est.)
country comparison to the world: 175

$-3.281 billion (2011 est.)
[see also: Current account balance country ranks ]

Exports:
$78.28 billion (2012 est.)
country comparison to the world: 47

$81.46 billion (2011 est.)
[see also: Exports country ranks ]

Exports - commodities:
copper, fruit, fish products, paper and pulp, chemicals, wine

Exports - partners:
China 23.3%, US 12.3%, Japan 10.7%, South Korea 5.8%, Brazil 5.5% (2012)

Imports:
$74.86 billion (2012 est.)
country comparison to the world: 40

$70.91 billion (2011 est.)
[see also: Imports country ranks ]

Imports - commodities:
petroleum and petroleum products, chemicals, electrical and telecommunications equipment, industrial machinery, vehicles, natural gas

Imports - partners:
US 22.9%, China 18.2%, Argentina 6.6%, Brazil 6.5% (2012)

Reserves of foreign exchange and gold:
$41.65 billion (31 December 2012 est.)
country comparison to the world: 46

$41.94 billion (31 December 2011 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$112.7 billion (31 December 2012 est.)
country comparison to the world: 45

$96.24 billion (31 December 2011 est.)
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$192.8 billion (31 December 2012 est.)
country comparison to the world: 26

$162.5 billion (31 December 2011 est.)
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$91.3 billion (31 December 2012 est.)
country comparison to the world: 29

$70.21 billion (31 December 2011 est.)
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
Chilean pesos (CLP) per US dollar -

486.49 (2012 est.)
483.67 (2011 est.)
510.25 (2010 est.)
560.86 (2009)
509.02 (2008)


NOTE: The information regarding Chile on this page is re-published from the 2014 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Chile Economy 2014 information contained here. All suggestions for corrections of any errors about Chile Economy 2014 should be addressed to the CIA.



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