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 60% of total exports. Copper is Chile’s top export and provides 20% of government revenue.

From 2003 through 2013, real growth averaged almost 5% per year, despite a slight contraction in 2009 that resulted from the global financial crisis. Growth slowed to an estimated 1.4% in 2017. A continued drop in copper prices prompted Chile to experience its third consecutive year of slow growth.

Chile deepened its longstanding commitment to trade liberalization with the signing of a free trade agreement with the US, effective 1 January 2004. Chile has 26 trade agreements covering 60 countries including agreements with the EU, Mercosur, China, India, South Korea, and Mexico. In May 2010, Chile signed the OECD Convention, becoming the first South American country to join the OECD. In October 2015, Chile signed the Trans-Pacific Partnership trade agreement, which was finalized as the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) and signed at a ceremony in Chile in March 2018.

The Chilean Government has generally followed a countercyclical fiscal policy, under which it accumulates surpluses in sovereign wealth funds during periods of high copper prices and economic growth, and generally allows deficit spending only during periods of low copper prices and growth. As of 31 October 2016, those sovereign wealth funds - kept mostly outside the country and separate from Central Bank reserves - amounted to more than $23.5 billion. Chile used these funds to finance fiscal stimulus packages during the 2009 economic downturn.

In 2014, then-President Michelle BACHELET introduced tax reforms aimed at delivering her campaign promise to fight inequality and to provide access to education and health care. The reforms are expected to generate additional tax revenues equal to 3% of Chile’s GDP, mostly by increasing corporate tax rates to OECD averages.

GDP (purchasing power parity):
$452.1 billion (2017 est.)
$445.5 billion (2016 est.)
$439.9 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world (CIA rank, may be based on non-current data): 44
[see also: GDP country ranks ]

GDP (official exchange rate):
$277 billion (2017 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
1.5% (2017 est.)
1.3% (2016 est.)
2.3% (2015 est.)
country comparison to the world (CIA rank, may be based on non-current data): 170
[see also: GDP - real growth rate country ranks ]

GDP - per capita (PPP):
$24,600 (2017 est.)
$24,500 (2016 est.)
$24,400 (2015 est.)
note: data are in 2017 dollars
country comparison to the world (CIA rank, may be based on non-current data): 82
[see also: GDP - per capita country ranks ]

Gross national saving:
20.5% of GDP (2017 est.)
20.9% of GDP (2016 est.)
21.4% of GDP (2015 est.)
country comparison to the world (CIA rank, may be based on non-current data): 94
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 62.3% (2017 est.)
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 14% (2017 est.)
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 21.5% (2017 est.)
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 0.5% (2017 est.)
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 28.7% (2017 est.)
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -27% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 4.2% (2017 est.)
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 32.8% (2017 est.)
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 63% (2017 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

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:
-0.4% (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 170
[see also: Industrial production growth rate country ranks ]

Labor force:
8.881 million (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 58
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 9.2%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 23.7%
[see also: Labor force - by occupation - industry country ranks ]
services: 67.1% (2013)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
6.7% (2017 est.)
6.5% (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 99
[see also: Unemployment rate country ranks ]

Population below poverty line:
14.4% (2013)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 1.7%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 41.5% (2013 est.)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
50.5 (2013)
57.1 (2000)
country comparison to the world (CIA rank, may be based on non-current data): 15
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: 57.75 billion (2017 est.)
[see also: Budget - revenues country ranks ]
expenditures: 65.38 billion (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
20.8% (of GDP) (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 145
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-2.8% (of GDP) (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 124
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
23.6% of GDP (2017 est.)
21% of GDP (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 182
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
2.2% (2017 est.)
3.8% (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 113
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
3.35% (31 December 2015)
3% (31 December 2014)
country comparison to the world (CIA rank, may be based on non-current data): 104
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
4.6% (31 December 2017 est.)
5.59% (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 156
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$52.54 billion (31 December 2017 est.)
$44.01 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 53
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$52.54 billion (31 December 2017 est.)
$44.01 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 53
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$244.3 billion (31 December 2017 est.)
$211.6 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 43
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$190.4 billion (31 December 2015 est.)
$233.2 billion (31 December 2014 est.)
$265.2 billion (31 December 2013 est.)
country comparison to the world (CIA rank, may be based on non-current data): 35
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$4.102 billion (2017 est.)
-$3.484 billion (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 178
[see also: Current account balance country ranks ]

Exports:
$69.23 billion (2017 est.)
$60.6 billion (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 42
[see also: Exports country ranks ]

Exports - partners:
China 27.5%, US 14.5%, Japan 9.3%, South Korea 6.2%, Brazil 5% (2017)

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

Imports:
$61.31 billion (2017 est.)
$55.29 billion (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 49
[see also: Imports country ranks ]

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

Imports - partners:
China 23.9%, US 18.1%, Brazil 8.6%, Argentina 4.5%, Germany 4% (2017)

Reserves of foreign exchange and gold:
$38.98 billion (31 December 2017 est.)
$40.49 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 44
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$183.4 billion (31 December 2017 est.)
$158.1 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 37
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$206.2 billion (31 December 2017 est.)
$199.8 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 31
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$95.37 billion (31 December 2017 est.)
$90.54 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 36
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
Chilean pesos (CLP) per US dollar -
653.9 (2017 est.)
676.94 (2016 est.)
676.94 (2015 est.)
658.93 (2014 est.)
570.37 (2013 est.)