Page last updated on June 22, 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 of goods and services 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 2013, 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. 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):
$335.4 billion (2013 est.)
country comparison to the world: 43
$321.3 billion (2012 est.)
$304.2 billion (2011 est.)
note: data are in 2013 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$281.7 billion (2013 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
4.4% (2013 est.)
country comparison to the world: 71
5.6% (2012 est.)
5.8% (2011 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita (PPP):
$19,100 (2013 est.)
country comparison to the world: 73
$18,500 (2012 est.)
$17,600 (2011 est.)
note: data are in 2013 US dollars
[see also: GDP - per capita country ranks ]

Gross national saving:
20.8% of GDP (2013 est.)
country comparison to the world: 78
21.4% of GDP (2012 est.)
22.2% of GDP (2011 est.)
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 63.2%
government consumption: 12%
investment in fixed capital: 25%
investment in inventories: 0.6%
exports of goods and services: 32.7%
imports of goods and services: -33.5%
(2013 est.)

GDP - composition, by sector of origin:
agriculture: 3.6%
industry: 35.4%
services: 61% (2013 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:
3% (2013 est.)
country comparison to the world: 98
[see also: Industrial production growth rate country ranks ]

Labor force:
8.367 million (2013 est.)
country comparison to the world: 58
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 13.2%
industry: 23%
services: 63.9% (2005)

Unemployment rate:
6% (2013 est.)
country comparison to the world: 62
6.3% (2012 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%
highest 10%: 42.8% (2009 est.)

Distribution of family income - Gini index:
52.1 (2009)
country comparison to the world: 14
57.1 (2000)
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $58.49 billion
expenditures: $61.26 billion (2013 est.)

Taxes and other revenues:
20.8% of GDP (2013 est.)
country comparison to the world: 156
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-1% of GDP (2013 est.)
country comparison to the world: 63
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
13.9% of GDP (2013 est.)
country comparison to the world: 146
11.9% of GDP (2012 est.)
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
1.7% (2013 est.)
country comparison to the world: 52
3% (2012 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
3.12% (31 December 2010 est.)
country comparison to the world: 135
0.5% (31 December 2009 est.)
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
9.5% (31 December 2013 est.)
country comparison to the world: 84
10.06% (31 December 2012 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$41.61 billion (31 December 2013 est.)
country comparison to the world: 52
$40.95 billion (31 December 2012 est.)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$159 billion (31 December 2013 est.)
country comparison to the world: 44
$150.5 billion (31 December 2012 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$214 billion (31 December 2013 est.)
country comparison to the world: 39
$202.5 billion (31 December 2012 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$313.3 billion (31 December 2012 est.)
country comparison to the world: 27
$270.3 billion (31 December 2011)
$341.6 billion (31 December 2010 est.)
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$10.97 billion (2013 est.)
country comparison to the world: 178
-$9.499 billion (2012 est.)
[see also: Current account balance country ranks ]

Exports:
$77.94 billion (2013 est.)
country comparison to the world: 46
$78.28 billion (2012 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:
$75.7 billion (2013 est.)
country comparison to the world: 40
$74.86 billion (2012 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:
$39.89 billion (31 December 2013 est.)
country comparison to the world: 46
$41.65 billion (31 December 2012 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$119 billion (31 December 2013 est.)
country comparison to the world: 44
$112.7 billion (31 December 2012 est.)
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$214.8 billion (31 December 2013 est.)
country comparison to the world: 26
$NA (31 December 2012 est.)
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$109.2 billion (31 December 2013 est.)
country comparison to the world: 29
$91.3 billion (31 December 2012 est.)
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
Chilean pesos (CLP) per US dollar -
491.7 (2013 est.)
486.49 (2012 est.)
510.25 (2010 est.)
560.86 (2009)
509.02 (2008)