Chile Economy - 2024

Economic overview

export-driven economy; leading copper producer; though hit by COVID-19, fairly quick rebound from increased liquidity and rapid vaccine rollouts; decreasing poverty but still lingering inequality; public debt rising but still manageable; recent political violence has had negative economic consequences

Real GDP (purchasing power parity)

$496.085 billion (2021 est.)
$444.249 billion (2020 est.)
$472.495 billion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

11.67% (2021 est.)
-5.98% (2020 est.)
0.77% (2019 est.)

Real GDP per capita

$25,400 (2021 est.)
$23,000 (2020 est.)
$24,800 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$282.655 billion (2019 est.)

Inflation rate (consumer prices)

4.52% (2021 est.)
3.05% (2020 est.)
2.56% (2019 est.)

Credit ratings

Fitch rating: A- (2020)

Moody's rating: A1 (2018)

Standard & Poors rating: A+ (2017)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 4.2% (2017 est.)

industry: 32.8% (2017 est.)

services: 63% (2017 est.)

GDP - composition, by end use

household consumption: 62.3% (2017 est.)

government consumption: 14% (2017 est.)

investment in fixed capital: 21.5% (2017 est.)

investment in inventories: 0.5% (2017 est.)

exports of goods and services: 28.7% (2017 est.)

imports of goods and services: -27% (2017 est.)

Agricultural products

grapes, apples, wheat, sugar beet, milk, potatoes, tomatoes, maize, poultry, pork

Industries

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

Industrial production growth rate

5.06% (2021 est.)

Labor force

8.684 million (2021 est.)

Unemployment rate

9.13% (2021 est.)
11.18% (2020 est.)
7.29% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 21.4% (2021 est.)

male: 20.4%

female: 22.8%

Population below poverty line

8.6% (2017 est.)

Gini Index coefficient - distribution of family income

44.9 (2020 est.)

Average household expenditures

on food: 16% of household expenditures (2018 est.)

on alcohol and tobacco: 2.9% of household expenditures (2018 est.)

Household income or consumption by percentage share

lowest 10%: 1.7%

highest 10%: 41.5% (2013 est.)

Remittances

0.03% of GDP (2020 est.)
0.02% of GDP (2019 est.)
0.02% of GDP (2018 est.)

Budget

revenues: $55.16 billion (2020 est.)

expenditures: $73.176 billion (2020 est.)

Budget surplus (+) or deficit (-)

-2.8% (of GDP) (2017 est.)

Public debt

23.6% of GDP (2017 est.)
21% of GDP (2016 est.)

Taxes and other revenues

16.24% (of GDP) (2020 est.)

Fiscal year

calendar year

Current account balance

-$20.307 billion (2021 est.)
-$4.283 billion (2020 est.)
-$14.505 billion (2019 est.)

Exports

$100.634 billion (2021 est.)
$79.733 billion (2020 est.)
$77.255 billion (2019 est.)

note: Data are in current year dollars and do not include illicit exports or re-exports.

Exports - partners

China 32%, United States 14%, Japan 9%, South Korea 7% (2019)

Exports - commodities

copper, fish fillets, wood pulp, pitted fruits, wine (2021)

Imports

$102.086 billion (2021 est.) note: data are in current year dollars
$68.118 billion (2020 est.) note: data are in current year dollars
$82.324 billion (2019 est.) note: data are in current year dollars

Imports - partners

China 24%, United States 20%, Brazil 8%, Germany 5%, Argentina 5% (2019)

Imports - commodities

refined petroleum, crude petroleum, cars, broadcasting equipment, delivery trucks (2019)

Reserves of foreign exchange and gold

$51.252 billion (31 December 2021 est.)
$39.166 billion (31 December 2020 est.)
$40.656 billion (31 December 2019 est.)

Debt - external

$193.298 billion (2019 est.)
$181.089 billion (2018 est.)

Exchange rates

Chilean pesos (CLP) per US dollar -

Exchange rates:
758.955 (2021 est.)
792.727 (2020 est.)
702.897 (2019 est.)
641.277 (2018 est.)
648.834 (2017 est.)