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    Chile Economy - 1991

      Overview: In 1990 economic growth slowed from an average of 6.2% for the previous six years to about 1.5% as a result of tight monetary policy aimed at reducing inflation. Monetary policy was not successful at slowing price increases until the end of the year, however, and inflation, stimulated by higher world oil prices, increased to 27.3% in 1990 from 21.4% in 1989. Copper prices held strong in 1990, helping to maintain a balance-of-payments surplus and increase international reserves. Most observers expect that inflationary pressures have run their course and price increases will slow during 1991, contributing to growth of 4-5%.

      GDP: $26 billion, per capita $2,000; real growth rate 2.0% (1990)

      Inflation rate (consumer prices): 27.3% (1990)

      Unemployment rate: 5.6% (1990)

      Budget: revenues $6.6 billion; expenditures $7.1 billion, including capital expenditures of $575 million (1990 est.)

      Exports: $8.3 billion (f.o.b., 1990); commodities--copper 48%, industrial products 33%, molybdenum, iron ore, wood pulp, fishmeal, fruits; partners--EC 34%, US 22%, Japan 10%, Brazil 7%

      Imports: $7.0 billion (f.o.b., 1990); commodities--petroleum, wheat, capital goods, spare parts, raw materials; partners--EC 23%, US 20%, Japan 10%, Brazil 9%

      External debt: $18.4 billion (February 1991)

      Industrial production: growth rate 0% (1990); accounts for 30% of GDP

      Electricity: 4,138,000 kW capacity; 17,784 million kWh produced, 1,360 kWh per capita (1990)

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

      Agriculture: accounts for about 8% of GDP (including fishing and forestry); major exporter of fruit, fish, and timber products; major crops--wheat, corn, grapes, beans, sugar beets, potatoes, deciduous fruit; livestock products--beef, poultry, wool; self-sufficient in most foods; 1986 fish catch of 5.6 million metric tons net agricultural importer

      Economic aid: US commitments, including Ex-Im (FY70-89), $521 million; Western (non-US) countries, ODA and OOF bilateral commitments (1970-88), $1.4 billion; Communist countries (1970-88), $386 million

      Currency: Chilean peso (plural--pesos); 1 Chilean peso (Ch$) = 100 centavos

      Exchange rates: Chilean pesos (Ch$) per US$1--337.24 (January 1991), 305.06 (1990), 267.16 (1989), 245.05 (1988), 219.54 (1987), 193.02 (1986), 161.08 (1985)

      Fiscal year: calendar year

      NOTE: The information regarding Chile on this page is re-published from the 1991 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Chile Economy 1991 information contained here. All suggestions for corrections of any errors about Chile Economy 1991 should be addressed to the CIA.

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    Revised 08-Feb-03
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