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. 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 situation 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. In the years since then, 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 57 such agreements (not all of them full free trade agreements), including with the European Union, Mercuric, 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 counter cyclical 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 September 2008, those sovereign wealth funds - kept mostly outside the country and separate from Central Bank reserves - amounted to more than $20 billion. Chile used $4 billion from this fund to finance a fiscal stimulus package to fend off recession. In December 2009, the OECD invited Chile to become a full member, after a two year period of compliance with organization mandates. The economy started to show signs of a rebound in the fourth quarter, 2009, and GDP grew more than 5% in 2010. The magnitude 8.8 earthquake that struck Chile in February 2010 was one of the top ten strongest earthquakes on record. It caused considerable damage near the epicenter, located about 70 miles from Concepcion - and about 200 miles southwest of Santiago.
GDP (purchasing power parity):
$260 billion (2010 est.)
country comparison to the world: 46
$246.9 billion (2009 est.)
$250.6 billion (2008 est.)
note: data are in 2010 US dollars
[see also: GDP (purchasing power parity) country ranks ]GDP (official exchange rate):
$199.2 billion (2009 est.)
[see also: GDP (official exchange rate) country ranks ]
GDP - real growth rate:
5.3% (2010 est.)
country comparison to the world: 47
-1.5% (2009 est.)
3.7% (2008 est.)
[see also: GDP - real growth rate country ranks ]GDP - per capita:
$15,500 (2010 est.)
country comparison to the world: 73
$14,900 (2009 est.)
$15,200 (2008 est.)
note: data are in 2010 US dollars
[see also: GDP - per capita country ranks ]GDP - composition by sector:
agriculture: 5.6%
[see also: GDP - composition by sector - agriculture country ranks ]
industry: 40.5%
[see also: GDP - composition by sector - industry country ranks ]
services: 53.9% (2008 est.)
[see also: GDP - composition by sector - services country ranks ]
Labor force:
7.58 million (2009 est.)
country comparison to the world: 61
[see also: Labor force country ranks ]
Labor force - by occupation:
agriculture: 13.2%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 23%
[see also: Labor force - by occupation - industry country ranks ]
services: 63.9% (2005)
[see also: Labor force - by occupation - services country ranks ]
Unemployment rate:
8.7% (2010 est.)
country comparison to the world: 100
9.6% (2009 est.)
[see also: Unemployment rate country ranks ]Population below poverty line:
18.2% (2005)
[see also: Population below poverty line country ranks ]
Household income or consumption by percentage share:
lowest 10%: 1.6%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 41.7% (2006)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]
Distribution of family income - Gini index:
54.9 (2003)
country comparison to the world: 14
57.1 (2000)
[see also: Distribution of family income - Gini index country ranks ]Investment (gross fixed):
23.5% of GDP (2009 est.)
country comparison to the world: 52
[see also: Investment (gross fixed) country ranks ]
Budget:
revenues: $40.97 billion
[see also: Budget - revenues country ranks ]
expenditures: $45.07 billion (2009 est.)
[see also: Budget - expenditures country ranks ]
Public debt:
6.2% of GDP (2010 est.)
country comparison to the world: 126
6.1% of GDP (2009 est.)
[see also: Public debt country ranks ]Inflation rate (consumer prices):
1.7% (2010 est.)
country comparison to the world: 45
1.5% (2009 est.)
[see also: Inflation rate (consumer prices) country ranks ]Central bank discount rate:
0.5% (31 December 2009)
country comparison to the world: 52
8.25% (31 December 2008)
[see also: Central bank discount rate country ranks ]Commercial bank prime lending rate:
7.25% (31 December 2009 est.)
country comparison to the world: 60
13.26% (31 December 2008 est.)
[see also: Commercial bank prime lending rate country ranks ]Stock of narrow money:
$29.81 billion (31 December 2010 est)
$23.68 billion (31 December 2009 est)
[see also: Stock of narrow money country ranks ]Stock of broad money:
$160.3 billion (31 December 2009)
$127.5 billion (31 December 2008)
[see also: Stock of broad money country ranks ]Stock of domestic credit:
$153.6 billion (31 December 2010 est.)
country comparison to the world: 41
$133.7 billion (31 December 2009 est.)
[see also: Stock of domestic credit country ranks ]Market value of publicly traded shares:
$209.5 billion (31 December 2009)
country comparison to the world: 30
$132.4 billion (31 December 2008)
$212.9 billion (31 December 2007)
[see also: Market value of publicly traded shares country ranks ]Agriculture - products:
grapes, apples, pears, onions, wheat, corn, oats, peaches, garlic, asparagus, beans; beef, poultry, wool; fish; timber
Industries:
copper, other minerals, foodstuffs, fish processing, iron and steel, wood and wood products, transport equipment, cement, textiles
Industrial production growth rate:
3.2% (2009 est.)
country comparison to the world: 97
[see also: Industrial production growth rate country ranks ]
Electricity - production:
60.6 billion kWh (2007 est.)
country comparison to the world: 41
[see also: Electricity - production country ranks ]
Electricity - consumption:
57.29 billion kWh (2007 est.)
country comparison to the world: 43
[see also: Electricity - consumption country ranks ]
Electricity - exports:
0 kWh (2008 est.)
[see also: Electricity - exports country ranks ]
Electricity - imports:
1.628 billion kWh (2007 est.)
[see also: Electricity - imports country ranks ]
Oil - production:
10,850 bbl/day (2009 est.)
country comparison to the world: 84
[see also: Oil - production country ranks ]
Oil - consumption:
277,000 bbl/day (2009 est.)
country comparison to the world: 47
[see also: Oil - consumption country ranks ]
Oil - exports:
49,250 bbl/day (2007 est.)
country comparison to the world: 80
[see also: Oil - exports country ranks ]
Oil - imports:
311,200 bbl/day (2007 est.)
country comparison to the world: 36
[see also: Oil - imports country ranks ]
Oil - proved reserves:
150 million bbl (1 January 2010 est.)
country comparison to the world: 63
[see also: Oil - proved reserves country ranks ]
Natural gas - production:
1.65 billion cu m (2008 est.)
country comparison to the world: 60
[see also: Natural gas - production country ranks ]
Natural gas - consumption:
2.34 billion cu m (2008 est.)
country comparison to the world: 79
[see also: Natural gas - consumption country ranks ]
Natural gas - exports:
0 cu m (2008 est.)
country comparison to the world: 189
[see also: Natural gas - exports country ranks ]
Natural gas - imports:
690 million cu m (2008 est.)
country comparison to the world: 58
[see also: Natural gas - imports country ranks ]
Natural gas - proved reserves:
97.97 billion cu m (1 January 2010 est.)
country comparison to the world: 53
[see also: Natural gas - proved reserves country ranks ]
Current account balance:
$1.033 billion (2010 est.)
country comparison to the world: 45
$4.217 billion (2009 est.)
[see also: Current account balance country ranks ]Exports:
$64.28 billion (2010 est.)
country comparison to the world: 45
$53.74 billion (2009 est.)
[see also: Exports country ranks ]Exports - commodities:
copper, fruit, fish products, paper and pulp, chemicals, wine
Exports - partners:
China 16.46%, US 11.31%, Japan 9.06%, South Korea 6.49%, Brazil 4.64%, Mexico 4.09% (2009)
Imports:
$54.23 billion (2010 est.)
country comparison to the world: 46
$39.75 billion (2009 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 21.77%, China 12.76%, Argentina 9.55%, Brazil 6.46%, South Korea 5.35% (2009)
Reserves of foreign exchange and gold:
$26.08 billion (31 December 2010 est.)
country comparison to the world: 37
$25.29 billion (31 December 2009 est.)
[see also: Reserves of foreign exchange and gold country ranks ]Debt - external:
$84.51 billion (31 December 2010 est.)
country comparison to the world: 40
$72.76 billion (31 December 2009 est.)
[see also: Debt - external country ranks ]Stock of direct foreign investment - at home:
$136.3 billion (31 December 2010 est.)
country comparison to the world: 26
$121.6 billion (31 December 2009 est.)
[see also: Stock of direct foreign investment - at home country ranks ]Stock of direct foreign investment - abroad:
$51.15 billion (31 December 2010 est.)
country comparison to the world: 33
$41.2 billion (31 December 2009 est.)
[see also: Stock of direct foreign investment - abroad country ranks ]Exchange rates:
Chilean pesos (CLP) per US dollar - 525.34 (2010), 560.86 (2009), 509.02 (2008), 526.25 (2007), 530.29 (2006)
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