An Overview of the Economy
During the late 1990s the Chilean economy was affected by the
Asian Financial Crisis and a severe drought caused widespread
damage to crop yields and a sharp decrease in hydro-electric power
which weakened the economy for several years. By 2003 the country
was recovering and had still maintained a low level of inflation,
not exceeding 5% since 1998. Chile is strongly committed to free
trade and has a multitude of FTAs with several different countries
and governing bodies including the EU. The country has a lot of
foreign investment that tends to focus on gas, water, electricity
and mining.
| statistics |
|
| GDP (PPP) (IMF) (US$Billions) |
231.1 |
| GDP (PPP) (CIA) (US$Billions) |
231.1 |
| GDP Growth (IMF) (%) |
5% |
| GDP Growth (CIA) (%) |
5% |
| GDP Per Capita (PPP) (IMF) (US$) |
19,936 |
| GDP Per Capita (PPP) (CIA) (US$) |
13,900 |
| GDP by Sector (%) |
Agriculture: 4.8%
Services: 44%
Industry: 51.2% |
| Inflation (%) |
4.4% |
| Population Below the Poverty Line (%) |
18.2% |
| Labour Force (Millions) |
6.97 |
| Labour Force by Occupation (%) |
Agriculture: 13.6%
Services: 63%
Industry: 23.4% |
| Unemployment (%) |
7% |
| Main Industries |
Copper, other minerals, foodstuffs, fish processing,
iron and steel, wood and wood products, transports
equipment, cement, textiles |
Source: CIA World Factbook, IMF
GDP
Chile has had moderate GDP growth rates in the last five years
ranging between 4%-6%. The country has maintained low inflation
rates of fewer than 5% for the last decade.
| economic indicators |
2003 |
2004 |
2005 |
2006 |
2007 |
| GDP (US$billions) |
73.9 |
95.8 |
118.9 |
145.8 |
163.8 |
| GDP Growth (%) |
4% |
6% |
5.7% |
4% |
5% |
| GDP Per Capita (US$) |
4,698 |
5,992 |
7,351 |
8,903 |
9,879 |
| GDP Per Capita (PPP) (US$) |
10,713 |
11,475 |
12,346 |
13,083 |
13,936 |
| Inflation (%) |
2.8% |
1.1% |
3.1% |
3.4% |
4.4% |
| Unemployment (%) |
9.2% |
8.5% |
8.5% |
8.1% |
7.0% |
| Mobile Phone Users |
944,225 |
6,445,700 |
6,445,700 |
10,570,000 |
10,570,000 |
| Internet Users |
3,100,000 |
3,575,000 |
3,575,000 |
6,700,000 |
6,700,000 |
Source: IMF, CIA World Factbook
Major Exports & Imports
Chile has very high levels of foreign trade which has been
typically dependent on the country's copper reserves which are
predicted to be in supply for 200 years. The country has also
become the fifth largest wine exporter in the world. China and the
US are Chile's main import and export partners but the country has
extensive global trade links.
Major Exports 2007
Copper, fruit, fish products, paper and pulp, chemicals,
wine.
Major Imports 2007
Petroleum and petroleum products, chemicals, electrical and
telecommunications equipment, industrial machinery, vehicles,
natural gas.
| export partners 2007 |
% of total |
| China |
14.8% |
| US |
12.5% |
| Japan |
10.5% |
| Netherlands |
5.8% |
| South Korea |
5.7% |
| Italy |
5.1% |
| Brazil |
5% |
| Import partners 2007 |
% of total |
| US |
16.7% |
| China |
11.2% |
| Brazil |
10.3% |
| Argentina |
9.9% |
Source: CIA World Factbook
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