Chile - Economic Indicators

Latin American Central Banks in Practice

May 24, 2018

With the exception of Colombia, each of Latin America's independent central banks has a mandate for a single-objective monetary policy of managing inflation; Colombia has a dual mandate. Although the other central banks officially oppose including growth as a second target, in practice they do act with a dual mandate. A dual mandate does not make a central bank less independent; rather, it allows policy makers to achieve maximum growth with minimum...

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GDP Reference Last Previous Units Frequency
Real Private Consumption 2018 Q1 23,878 25,207 Bil. Ch. 2013 CLP, NSA Quarterly
Private Consumption 2018 Q1 28,534 29,863 Bil. CLP, NSA Quarterly
Real Fixed Investment (gross fixed capital formation) 2018 Q1 7,614 9,283 Bil. Ch. 2013 CLP, NSA Quarterly
Real Gross Domestic Product 2018 Q1 37,480 39,176 Bil. Ch. 2013 CLP, NSA Quarterly
Real Government Consumption 2018 Q1 4,258 5,693 Bil. Ch. 2013 CLP, NSA Quarterly
Nominal Gross Domestic Product 2018 Q1 46,816 48,284 Bil. CLP, NSA Quarterly
Government Consumption 2018 Q1 6,116 6,985 Bil. CLP, NSA Quarterly
Nominal Fixed Investment (gross fixed capital formation) 2018 Q1 9,165 11,315 Bil. CLP, NSA Quarterly
Real Investment 2016 30,413,120,081,168 31,925,244,241,176 NCU Annual
Price Reference Last Previous Units Frequency
Producer Price Index (PPI) Apr 2018 110.91 110.67 Index 2014=100, NSA Monthly
Wholesale Price Index Apr 2018 110.91 110.67 Index 2014=100, NSA Monthly
Consumer Price Index (CPI) Apr 2018 117.66 117.29 Index 2013=100, NSA Monthly
Labor Reference Last Previous Units Frequency
Wage & Salaries Mar 2018 4,628 4,604 CLP per hr., NSA Monthly
Total Employment Mar 2018 8,378 8,409 Ths. # 3-mo. MA, NSA Monthly
Agriculture Employment Mar 2018 845.07 865.66 Ths. # 3-mo. MA, NSA Monthly
Labor Force May 2017 8,838 8,793 Ths. # 3-mo MA, NSA Monthly
Unemployment Rate May 2017 7.02 6.66 % 3-mo MA, NSA Monthly
Labor Force Employment May 2017 8,218 8,207 Ths. # 3-mo MA, NSA Monthly
Unemployment May 2017 620.5 585.49 Thousands - Three Month Average, NSA Monthly
Trade Reference Last Previous Units Frequency
Net Exports Apr 2018 982.67 791.52 Mil. USD, NSA Monthly
Balance of Goods Apr 2018 982.67 791.52 Mil. USD, NSA Monthly
Exports of Goods Apr 2018 6,353 6,524 Mil. USD, NSA Monthly
Imports of Goods Apr 2018 5,370 5,733 Mil. USD, NSA Monthly
Imports of Goods and Services 2018 Q1 12,044 12,698 Bil. CLP, NSA Quarterly
Exports of Goods and Services 2018 Q1 13,481 13,889 Bil. CLP, NSA Quarterly
Real Exports of Goods and Services 2018 Q1 11,556 11,354 Bil. Ch. 2013 CLP, NSA Quarterly
Real Imports of Goods and Services 2018 Q1 11,244 11,507 Bil. Ch. 2013 CLP, NSA Quarterly
Real Net Exports 2018 Q1 11,244 11,507 Bil. Ch. 2013 CLP, NSA Quarterly
Current Account Balance 2018 Q1 -269.25 -369.69 Mil. USD, NSA Quarterly
Markets Reference Last Previous Units Frequency
Stock Market Index 24 May 2018 20,394 20,571 Index, NSA Business Daily
Lending Rate 24 May 2018 2.5 2.5 Percent, NSA Daily
Money Market Rate Feb 2018 2.49 2.5 % p.a., NSA Monthly
Real Estate Reference Last Previous Units Frequency
Residential Building Permits Mar 2018 11,890 14,093 #, NSA Monthly
Consumer Reference Last Previous Units Frequency
Real Retail Sales Mar 2018 120.95 103.71 Vol. Index 2014=100, NSA Monthly
Business Reference Last Previous Units Frequency
Business Confidence Apr 2018 101.16 101.12 Index long term avg=100, SA Monthly
Change in Inventories 2018 Q1 1,562 -1,071 Bil. CLP, NSA Quarterly
Industrial Production Mar 2018 110.05 96.51 Index 2014=100, NSA Monthly
Demographics Reference Last Previous Units Frequency
Population 2016 17,909,754 17,762,681 # Annual
Birth Rate 2015 13.44 13.61 # per Ths. pop. Annual
Death Rate 2015 6.07 6.02 # per Ths. pop. Annual
Deaths 2015 103,327 101,960 #, NSA Annual
Net Migration 2012 80,820 # Annual

Factbook

Background

Background:
Prior to the arrival of the Spanish in the 16th century, the Inca ruled northern Chile while an indigenous people, the Mapuche, inhabited central and southern Chile. Although Chile declared its independence in 1810, it did not achieve decisive victory over the Spanish until 1818. In the War of the Pacific (1879-83), Chile defeated Peru and Bolivia to win its present northern regions. In the 1880s, the Chilean central government gained control over the central and southern regions inhabited by the Mapuche. After a series of elected governments, the three-year-old Marxist government of Salvador ALLENDE was overthrown in 1973 by a military coup led by General Augusto PINOCHET, who ruled until a democratically-elected president was inaugurated in 1990. Sound economic policies, maintained consistently since the 1980s, contributed to steady growth, reduced poverty rates by over half, and helped secure the country's commitment to democratic and representative government. Chile has increasingly assumed regional and international leadership roles befitting its status as a stable, democratic nation.

Geography

Location:
Southern South America, bordering the South Pacific Ocean, between Argentina and Peru
Geographic coordinates:
30 00 S, 71 00 W
Map references:
South America
Area:
total: 756,102 sq km
land: 743,812 sq km
water: 12,290 sq km
note: includes Easter Island (Isla de Pascua) and Isla Sala y Gomez
country comparison to the world: 39
Area - comparative:
slightly smaller than twice the size of Montana
Area comparison map:
Land boundaries:
total: 7,801 km
border countries (3): Argentina 6,691 km, Bolivia 942 km, Peru 168 km
Coastline:
6,435 km
Maritime claims:
territorial sea: 12 nm
contiguous zone: 24 nm
exclusive economic zone: 200 nm
continental shelf: 200/350 nm
Climate:
temperate; desert in north; Mediterranean in central region; cool and damp in south
Terrain:
low coastal mountains, fertile central valley, rugged Andes in east
Elevation:
mean elevation: 1,871 m
elevation extremes: lowest point: Pacific Ocean 0 m
highest point: Nevado Ojos del Salado 6,880 m
Natural resources:
copper, timber, iron ore, nitrates, precious metals, molybdenum, hydropower
Land use:
agricultural land: 21.1%
arable land 1.7%; permanent crops 0.6%; permanent pasture 18.8%
forest: 21.9%
other: 57% (2011 est.)
Irrigated land:
11,100 sq km (2012)
Population - distribution:
90% of the population is located in the middle third of the country around the capital of Santiago; the far north (anchored by the Atacama Desert) and the extreme south are relatively underpopulated
Natural hazards:
severe earthquakes; active volcanism; tsunamis
volcanism: significant volcanic activity due to more than three-dozen active volcanoes along the Andes Mountains; Lascar (5,592 m), which last erupted in 2007, is the most active volcano in the northern Chilean Andes; Llaima (3,125 m) in central Chile, which last erupted in 2009, is another of the country's most active; Chaiten's 2008 eruption forced major evacuations; other notable historically active volcanoes include Cerro Hudson, Calbuco, Copahue, Guallatiri, Llullaillaco, Nevados de Chillan, Puyehue, San Pedro, and Villarrica
Environment - current issues:
widespread deforestation and mining threaten natural resources; air pollution from industrial and vehicle emissions; water pollution from raw sewage
Environment - international agreements:
party to: Antarctic-Environmental Protocol, Antarctic-Marine Living Resources, Antarctic Seals, Antarctic Treaty, Biodiversity, Climate Change, Climate Change-Kyoto Protocol, Desertification, Endangered Species, Environmental Modification, Hazardous Wastes, Law of the Sea, Marine Dumping, Ozone Layer Protection, Ship Pollution, Wetlands, Whaling
signed, but not ratified: none of the selected agreements
Geography - note:
the longest north-south trending country in the world, extending across 39 degrees of latitude; strategic location relative to sea lanes between the Atlantic and Pacific Oceans (Strait of Magellan, Beagle Channel, Drake Passage); Atacama Desert - the driest desert in the world - spreads across the northern part of the country; the small crater lake of Ojos del Salado is the world's highest lake (at 6,390 m)

People & Society

Population:
17,789,267 (July 2017 est.)
country comparison to the world: 65
Nationality:
noun: Chilean(s)
adjective: Chilean
Ethnic groups:
white and non-indigenous 88.9%, Mapuche 9.1%, Aymara 0.7%, other indigenous groups 1% (includes Rapa Nui, Likan Antai, Quechua, Colla, Diaguita, Kawesqar, Yagan or Yamana), unspecified 0.3% (2012 est.)
Languages:
Spanish 99.5% (official), English 10.2%, indigenous 1% (includes Mapudungun, Aymara, Quechua, Rapa Nui), other 2.3%, unspecified 0.2%
note: shares sum to more than 100% because some respondents gave more than one answer on the census (2012 est.)
Religions:
Roman Catholic 66.7%, Evangelical or Protestant 16.4%, Jehovah's Witness 1%, other 3.4%, none 11.5%, unspecified 1.1% (2012 est.)
Demographic profile:
Chile is in the advanced stages of demographic transition and is becoming an aging society - with fertility below replacement level, low mortality rates, and life expectancy on par with developed countries. Nevertheless, with its dependency ratio nearing its low point, Chile could benefit from its favorable age structure. It will need to keep its large working-age population productively employed, while preparing to provide for the needs of its growing proportion of elderly people, especially as women - the traditional caregivers - increasingly enter the workforce. Over the last two decades, Chile has made great strides in reducing its poverty rate, which is now lower than most Latin American countries. However, its severe income inequality ranks as the worst among members of the Organization for Economic Cooperation and Development. Unequal access to quality education perpetuates this uneven income distribution.
Chile has historically been a country of emigration but has slowly become more attractive to immigrants since transitioning to democracy in 1990 and improving its economic stability (other regional destinations have concurrently experienced deteriorating economic and political conditions). Most of Chile's small but growing foreign-born population consists of transplants from other Latin American countries, especially Peru.
Age structure:
0-14 years: 20.11% (male 1,825,254/female 1,751,735)
15-24 years: 15.04% (male 1,364,831/female 1,311,216)
25-54 years: 43.08% (male 3,830,538/female 3,832,989)
55-64 years: 10.96% (male 918,559/female 1,031,153)
65 years and over: 10.81% (male 805,880/female 1,117,112) (2017 est.)
population pyramid:
Dependency ratios:
total dependency ratio: 45.5
youth dependency ratio: 30.3
elderly dependency ratio: 15.2
potential support ratio: 6.6 (2015 est.)
Median age:
total: 34.4 years
male: 33.2 years
female: 35.6 years (2017 est.)
country comparison to the world: 85
Population growth rate:
0.77% (2017 est.)
country comparison to the world: 138
Birth rate:
13.6 births/1,000 population (2017 est.)
country comparison to the world: 143
Death rate:
6.2 deaths/1,000 population (2017 est.)
country comparison to the world: 155
Net migration rate:
0.3 migrant(s)/1,000 population (2017 est.)
country comparison to the world: 67
Population distribution:
90% of the population is located in the middle third of the country around the capital of Santiago; the far north (anchored by the Atacama Desert) and the extreme south are relatively underpopulated
Urbanization:
urban population: 89.9% of total population (2017)
rate of urbanization: 0.96% annual rate of change (2015-20 est.)
Major urban areas - population:
SANTIAGO (capital) 6.507 million; Valparaiso 907,000; Concepcion 816,000 (2015)
Sex ratio:
at birth: 1.04 male(s)/female
0-14 years: 1.04 male(s)/female
15-24 years: 1.04 male(s)/female
25-54 years: 1 male(s)/female
55-64 years: 0.89 male(s)/female
65 years and over: 0.72 male(s)/female
total population: 0.97 male(s)/female (2016 est.)
Maternal mortality rate:
22 deaths/100,000 live births (2015 est.)
country comparison to the world: 128
Infant mortality rate:
total: 6.6 deaths/1,000 live births
male: 7.1 deaths/1,000 live births
female: 6.1 deaths/1,000 live births (2017 est.)
country comparison to the world: 164
Life expectancy at birth:
total population: 78.9 years
male: 75.9 years
female: 82.1 years (2017 est.)
country comparison to the world: 51
Total fertility rate:
1.8 children born/woman (2017 est.)
country comparison to the world: 152
Health expenditures:
7.8% of GDP (2014)
country comparison to the world: 60
Physicians density:
1.03 physicians/1,000 population (2009)
Hospital bed density:
2.1 beds/1,000 population (2011)
Drinking water source:
improved:
urban: 99.7% of population
rural: 93.3% of population
total: 99% of population
unimproved:
urban: 0.3% of population
rural: 6.7% of population
total: 1% of population (2015 est.)
Sanitation facility access:
improved:
urban: 100% of population
rural: 90.9% of population
total: 99.1% of population
unimproved:
urban: 0% of population
rural: 9.1% of population
total: 0.9% of population (2015 est.)
HIV/AIDS - adult prevalence rate:
0.5% (2016 est.)
country comparison to the world: 63
HIV/AIDS - people living with HIV/AIDS:
61,000 (2016 est.)
country comparison to the world: 53
HIV/AIDS - deaths:
NA
Obesity - adult prevalence rate:
28% (2016)
country comparison to the world: 32
Children under the age of 5 years underweight:
0.5% (2014)
country comparison to the world: 137
Education expenditures:
4.8% of GDP (2014)
country comparison to the world: 90
Literacy:
definition: age 15 and over can read and write
total population: 97.5%
male: 97.6%
female: 97.4% (2015 est.)
School life expectancy (primary to tertiary education):
total: 16 years
male: 16 years
female: 17 years (2015)
Unemployment, youth ages 15-24:
total: 15.4%
male: 14.3%
female: 17% (2015 est.)
country comparison to the world: 73

Government

Country name:
conventional long form: Republic of Chile
conventional short form: Chile
local long form: Republica de Chile
local short form: Chile
etymology: derivation of the name is unclear, but it may come from the Mapuche word "chilli" meaning "limit of the earth" or from the Quechua "chiri" meaning "cold"
Government type:
presidential republic
Capital:
name: Santiago; note - Valparaiso is the seat of the national legislature
geographic coordinates: 33 27 S, 70 40 W
time difference: UTC-3 (2 hours ahead of Washington, DC, during Standard Time)
daylight saving time: +1hr, begins second Sunday in August; ends second Sunday in May; note - Punta Arenas observes DST throughout the year
Administrative divisions:
15 regions (regiones, singular - region); Aysen, Antofagasta, Araucania, Arica y Parinacota, Atacama, Biobio, Coquimbo, Libertador General Bernardo O'Higgins, Los Lagos, Los Rios, Magallanes y de la Antartica Chilena, Maule, Region Metropolitana (Santiago), Tarapaca, Valparaiso
note: the US does not recognize claims to Antarctica
Independence:
18 September 1810 (from Spain)
National holiday:
Independence Day, 18 September (1810)
Constitution:
many previous; latest adopted 11 September 1980, effective 11 March 1981; amended many times, last in 2011; note - in late 2015, the Chilean Government initiated a process to reform its constitution (2016)
Legal system:
civil law system influenced by several West European civil legal systems; judicial review of legislative acts by the Constitutional Tribunal
International law organization participation:
has not submitted an ICJ jurisdiction declaration; accepts ICCt jurisdiction
Citizenship:
citizenship by birth: yes
citizenship by descent: yes
dual citizenship recognized: yes
residency requirement for naturalization: 5 years
Suffrage:
18 years of age; universal
Executive branch:
chief of state: President Michelle BACHELET Jeria (since 11 March 2014); note - the president is both chief of state and head of government
head of government: President Michelle BACHELET Jeria (since 11 March 2014)
cabinet: Cabinet appointed by the president
elections/appointments: president directly elected by absolute majority popular vote in 2 rounds if needed for a single 4-year term; election last held on 17 November 2013 with a runoff held on 15 December 2013 (next to be held on 19 November 2017)
election results: Michelle BACHELET Jeria elected president in runoff; percent of vote - Michelle BACHELET Jeria (PS/New Majority) 62.2%; Evelyn Rose MATTHEI Fornet (UDI/Let's Go Chile Coalition) 37.8%
Legislative branch:
description: bicameral National Congress or Congreso Nacional consists of the Senate or Senado (38 seats; members directly elected in multi-seat constituencies by simple majority vote to serve 8-year terms with one-half of the membership renewed every 4 years) and the Chamber of Deputies or Camara de Diputados (120 seats; members directly elected in multi-seat constituencies by simple majority vote to serve 4-year terms)
elections: Senate - last held on 17 November 2013 (next to be held on 19 November 2017); Chamber of Deputies - last held on 17 November 2013 (next to be held on 19 November 2017)
election results: Senate - percent of vote by party - NA; seats by party - New Majority Coalition (formerly known as Concertacion) 19 (DC 6, PS 6, PPD 6, MAS 1), Let's Go Chile Coalition (formerly known as the Coalition for Change and the Alianza coalition) 15 (RN 6, UDI 8, Amplitude Party 1), independents 4; Chamber of Deputies - percent of vote by party - NA; seats by party - New Majority 68 (DC 21, PS 16, PPD 14, PC 6, PRSD 6, Citizen Left 1, independents 4), Coalition for Change 47 (UDI 29, RN 14, independents 3, EP 1), Liberal Party 1, independents 4
note: in January 2015, the Chilean Congress voted to end the binomial system that was put in place under Gen. Augusto PINOCHET; the Congress also voted to expand its size (155 seats in the chamber of Deputies and 50 seats in the Senate) and establish rules to ensure that there is equitable gender representation; the new electoral system will be put in place in the November 2017 elections
Judicial branch:
highest court(s): Supreme Court or Corte Suprema (consists of a court president and 20 members or ministros); Constitutional Court (consists of 10 members); Elections Qualifying Court (consists of 5 members)
judge selection and term of office: Supreme Court president and judges (ministers) appointed by the president of the republic and ratified by the Senate from lists of candidates provided by the court itself; judges appointed for life with mandatory retirement at age 70; Constitutional Court members appointed - 3 by the Supreme Court, 3 by the president of the republic, 2 by the Chamber of Deputies, and 2 by the Senate; members serve 9-year terms with partial membership replacement every 3 years (the court reviews constitutionality of legislation); Elections Qualifying Court members appointed by lottery - 1 by the former president or vice-president of the Senate and 1 by the former president or vice-president of the Chamber of Deputies, 2 by the Supreme Court, and 1 by the Appellate Court of Valparasio; members appointed for 4-year terms
subordinate courts: Courts of Appeal; oral criminal tribunals; military tribunals; local police courts; specialized tribunals and courts in matters such as family, labor, customs, taxes, and electoral affairs
Political parties and leaders:
Amplitude (Amplitud) [Lily PEREZ]
Broad Social Movement or MAS [Cristian TAPIA Ramos]
Democratic Revolution or RD [Rodrigo ECHECOPAR]
Let’s Go Chile Coalition (Chile Vamos) (formerly the Alliance for Chile, includes Political Evolution or EVOPOLI [Jorge SAINT JEAN], Independent Regionalist Party or PRI [Alejandra BRAVO Hidalgo], National Renewal or RN [Cristian MONCKEBERG Bruner], and Independent Democratic Union or UDI [Jacqueline VAN RYSSELBERGHE Herrera])
Liberal Party (Partido Liberal de Chile) [Vlado MIROSEVIC]
New Majority Coalition (Nueva Mayoria) (includes Christian Democratic Party or DC [Carolina GOIC Boroevic], Communist Party of Chile or PC [Guillermo TEILLIER del Valle], Party for Democracy or PPD [Gonzalo NAVARRETE], Radical Social Democratic Party or PRSD [Ernesto VELASCO Rodriguez], and Socialist Party or PS [Alvaro ELIZALDE Soto])
Progressive Party or PRO [Patricia MORALES]
Political pressure groups and leaders:
Roman Catholic Church, particularly conservative groups such as Opus Dei
United Labor Central or CUT (includes trade unionists from the country's 5 largest labor confederations)
other: university student federations at all major universities
International organization participation:
APEC, BIS, CAN (associate), CD, CELAC, FAO, G-15, G-77, IADB, IAEA, IBRD, ICAO, ICC (national committees), ICCt, ICRM, IDA, IFAD, IFC, IFRCS, IHO, ILO, IMF, IMO, IMSO, Interpol, IOC, IOM, IPU, ISO, ITSO, ITU, ITUC (NGOs), LAES, LAIA, Mercosur (associate), MIGA, MINUSTAH, NAM, OAS, OECD (enhanced engagement), OPANAL, OPCW, Pacific Alliance, PCA, SICA (observer), UN, UNASUR, UNCTAD, UNESCO, UNFICYP, UNHCR, UNIDO, Union Latina, UNMOGIP, UNTSO, UNWTO, UPU, WCO, WFTU (NGOs), WHO, WIPO, WMO, WTO
Diplomatic representation in the US:
chief of mission: Ambassador Juan Gabriel VALDES Soublette (since 21 May 2014)
chancery: 1732 Massachusetts Avenue NW, Washington, DC 20036
telephone: [1] (202) 785-1746
FAX: [1] (202) 887-5579
consulate(s) general: Chicago, Houston, Los Angeles, Miami, New York, San Francisco
Diplomatic representation from the US:
chief of mission: Ambassador Carol PEREZ (since 14 November 2016)
embassy: Avenida Andres Bello 2800, Las Condes, Santiago
mailing address: APO AA 34033
telephone: [56] (2) 2330-3000
FAX: [56] (2) 2330-3710, 2330-3160
Flag description:
two equal horizontal bands of white (top) and red; a blue square the same height as the white band at the hoist-side end of the white band; the square bears a white five-pointed star in the center representing a guide to progress and honor; blue symbolizes the sky, white is for the snow-covered Andes, and red represents the blood spilled to achieve independence
note: design influenced by the US flag
National symbol(s):
huemul (mountain deer), Andean condor; national colors: red, white, blue
National anthem:
name: "Himno Nacional de Chile" (National Anthem of Chile)
lyrics/music: Eusebio LILLO Robles and Bernardo DE VERA y Pintado/Ramon CARNICER y Battle
note: music adopted 1828, original lyrics adopted 1818, adapted lyrics adopted 1847; under Augusto PINOCHET"s military rule, a verse glorifying the army was added; however, as a protest, some citizens refused to sing this verse; it was removed when democracy was restored in 1990

Economy

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 the slight contraction in 2009 that resulted from the global financial crisis. Growth slowed to an estimated 1.7% in 2016. A continued drop in copper prices prompted Chile to experience its second consecutive year of slow growth, elevated inflation, and a depreciating currency.
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 22 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.
The Chilean Government has generally followed a countercyclical fiscal policy, accumulating surpluses in sovereign wealth funds during periods of high copper prices and economic growth, and generally allowing 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, 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):
$438.3 billion (2016 est.)
$426 billion (2015 est.)
$412.1 billion (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 44
GDP (official exchange rate):
$247 billion (2016 est.)
GDP - real growth rate:
1.6% (2016 est.)
2.3% (2015 est.)
1.9% (2014 est.)
country comparison to the world: 150
GDP - per capita (PPP):
$24,100 (2016 est.)
$24,000 (2015 est.)
$23,700 (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 80
Gross national saving:
20.2% of GDP (2016 est.)
21.3% of GDP (2015 est.)
21.5% of GDP (2014 est.)
country comparison to the world: 103
GDP - composition, by end use:
household consumption: 64%
government consumption: 13.5%
investment in fixed capital: 23.2%
investment in inventories: -1.6%
exports of goods and services: 28.4%
imports of goods and services: -27.6% (2016 est.)
GDP - composition, by sector of origin:
agriculture: 4.3%
industry: 31.3%
services: 64.4% (2016 est.)
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:
-0.7% (2016 est.)
country comparison to the world: 165
Labor force:
8.762 million (2016 est.)
country comparison to the world: 58
Labor force - by occupation:
agriculture: 9.2%
industry: 23.7%
services: 67.1% (2013)
Unemployment rate:
6.5% (2016 est.)
6.3% (2015 est.)
country comparison to the world: 86
Population below poverty line:
14.4% (2013)
Household income or consumption by percentage share:
lowest 10%: 1.7%
highest 10%: 41.5% (2013 est.)
Distribution of family income - Gini index:
50.5 (2013)
57.1 (2000)
country comparison to the world: 15
Budget:
revenues: $51.76 billion
expenditures: $58.55 billion (2016 est.)
Taxes and other revenues:
21% of GDP (2016 est.)
country comparison to the world: 143
Budget surplus (+) or deficit (-):
-2.7% of GDP (2016 est.)
country comparison to the world: 109
Public debt:
21.3% of GDP (2016 est.)
17.4% of GDP (2015 est.)
country comparison to the world: 182
Fiscal year:
calendar year
Inflation rate (consumer prices):
3.8% (2016 est.)
4.3% (2015 est.)
country comparison to the world: 159
Central bank discount rate:
3.35% (31 December 2015)
3% (31 December 2014)
country comparison to the world: 103
Commercial bank prime lending rate:
5.59% (31 December 2016 est.)
5.52% (31 December 2015 est.)
country comparison to the world: 129
Stock of narrow money:
$44.01 billion (31 December 2016 est.)
$39.88 billion (31 December 2015 est.)
country comparison to the world: 54
Stock of broad money:
$158.3 billion (31 December 2016 est.)
$140.4 billion (31 December 2015 est.)
country comparison to the world: 44
Stock of domestic credit:
$211.6 billion (31 December 2016 est.)
$188.4 billion (31 December 2015 est.)
country comparison to the world: 45
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: 35
Current account balance:
$-3.528 billion (2016 est.)
$-4.669 billion (2015 est.)
country comparison to the world: 163
Exports:
$60.6 billion (2016 est.)
$62.18 billion (2015 est.)
country comparison to the world: 42
Exports - commodities:
copper, fruit, fish products, paper and pulp, chemicals, wine
Exports - partners:
China 28.6%, US 14.1%, Japan 8.6%, South Korea 6.9%, Brazil 5% (2016)
Imports:
$55.34 billion (2016 est.)
$58.72 billion (2015 est.)
country comparison to the world: 47
Imports - commodities:
petroleum and petroleum products, chemicals, electrical and telecommunications equipment, industrial machinery, vehicles, natural gas
Imports - partners:
China 24.3%, US 14.7%, Brazil 9.3%, Argentina 4.4%, France 4.2% (2016)
Reserves of foreign exchange and gold:
$40.49 billion (31 December 2016 est.)
$38.64 billion (31 December 2015 est.)
country comparison to the world: 42
Debt - external:
$158.1 billion (31 December 2016 est.)
$153 billion (31 December 2015 est.)
country comparison to the world: 40
Stock of direct foreign investment - at home:
$199.8 billion (31 December 2016 est.)
$184.5 billion (31 December 2015 est.)
country comparison to the world: 29
Stock of direct foreign investment - abroad:
$90.54 billion (31 December 2016 est.)
$83.32 billion (31 December 2015 est.)
country comparison to the world: 36
Exchange rates:
Chilean pesos (CLP) per US dollar -
676.94 (2016 est.)
676.94 (2015 est.)
658.93 (2014 est.)
570.37 (2013 est.)
486.49 (2012 est.)

Energy

Electricity access:
population without electricity: 70,600
electrification - total population: 99.6%
electrification - urban areas: 100%
electrification - rural areas: 98% (2012)
Electricity - production:
71.66 billion kWh (2015 est.)
country comparison to the world: 40
Electricity - consumption:
67.95 billion kWh (2015 est.)
country comparison to the world: 40
Electricity - exports:
0 kWh (2016 est.)
country comparison to the world: 119
Electricity - imports:
0 kWh (2016 est.)
country comparison to the world: 133
Electricity - installed generating capacity:
21.64 million kW (2015 est.)
country comparison to the world: 40
Electricity - from fossil fuels:
60.8% of total installed capacity (2015 est.)
country comparison to the world: 127
Electricity - from nuclear fuels:
0% of total installed capacity (2015 est.)
country comparison to the world: 66
Electricity - from hydroelectric plants:
30% of total installed capacity (2015 est.)
country comparison to the world: 71
Electricity - from other renewable sources:
16.1% of total installed capacity (2015 est.)
country comparison to the world: 44
Crude oil - production:
4,423 bbl/day (2016 est.)
country comparison to the world: 82
Crude oil - exports:
0 bbl/day (2016 est.)
country comparison to the world: 105
Crude oil - imports:
163,000 bbl/day (2016 est.)
country comparison to the world: 34
Crude oil - proved reserves:
150 million bbl (1 January 2017 es)
country comparison to the world: 63
Refined petroleum products - production:
215,300 bbl/day (2016 est.)
country comparison to the world: 50
Refined petroleum products - consumption:
337,400 bbl/day (2016 est.)
country comparison to the world: 41
Refined petroleum products - exports:
4,500 bbl/day (2016 est.)
country comparison to the world: 96
Refined petroleum products - imports:
160,900 bbl/day (2016 est.)
country comparison to the world: 43
Natural gas - production:
1.008 billion cu m (2015 est.)
country comparison to the world: 67
Natural gas - consumption:
5.23 billion cu m (2015 est.)
country comparison to the world: 63
Natural gas - exports:
0 cu m (2014 est.)
country comparison to the world: 83
Natural gas - imports:
3.727 billion cu m (2015 est.)
country comparison to the world: 39
Natural gas - proved reserves:
97.97 billion cu m (1 January 2017 es)
country comparison to the world: 54
Carbon dioxide emissions from consumption of energy:
76 million Mt (2013 est.)
country comparison to the world: 47

Communications

Telephones - fixed lines:
total subscriptions: 3,464,107
subscriptions per 100 inhabitants: 20 (July 2016 est.)
country comparison to the world: 44
Telephones - mobile cellular:
total: 22,974,289
subscriptions per 100 inhabitants: 130 (July 2016 est.)
country comparison to the world: 49
Telephone system:
general assessment: privatization began in 1988; most advanced telecommunications infrastructure in South America; modern system based on extensive microwave radio relay facilities; domestic satellite system with 3 earth stations
domestic: number of fixed-line connections have stagnated in recent years as mobile-cellular usage continues to increase, reaching 130 telephones per 100 persons
international: country code - 56; landing points for the Pan American, South America-1, and South American Crossing/Latin America Nautilus submarine cables providing links to the US and to Central and South America; satellite earth stations - 2 Intelsat (Atlantic Ocean) (2016)
Broadcast media:
national and local terrestrial TV channels, coupled with extensive cable TV networks; the state-owned Television Nacional de Chile (TVN) network is self-financed through commercial advertising revenues and is not under direct government control; large number of privately owned TV stations; about 250 radio stations (2007)
Internet country code:
.cl
Internet users:
total: 11,650,840
percent of population: 66.0% (July 2016 est.)
country comparison to the world: 43

Transportation

National air transport system:
number of registered air carriers: 9
inventory of registered aircraft operated by air carriers: 173
annual passenger traffic on registered air carriers: 15,006,762
annual freight traffic on registered air carriers: 1,392.236 million mt-km (2015)
Civil aircraft registration country code prefix:
CC (2016)
Airports:
481 (2013)
country comparison to the world: 15
Airports - with paved runways:
total: 90
over 3,047 m: 5
2,438 to 3,047 m: 7
1,524 to 2,437 m: 23
914 to 1,523 m: 31
under 914 m: 24 (2017)
Airports - with unpaved runways:
total: 391
2,438 to 3,047 m: 5
1,524 to 2,437 m: 11
914 to 1,523 m: 56
under 914 m: 319 (2013)
Heliports:
1 (2013)
Pipelines:
gas 3,160 km; liquid petroleum gas 781 km; oil 985 km; refined products 722 km (2013)
Railways:
total: 7,281.5 km
broad gauge: 3,428 km 1.676-m gauge (1,691 km electrified)
narrow gauge: 3,853.5 km 1.000-m gauge (2014)
country comparison to the world: 30
Roadways:
total: 77,764 km
paved: 18,119 km (includes 2,387 km of expressways)
unpaved: 59,645 km (2010)
country comparison to the world: 62
Merchant marine:
total: 42
by type: bulk carrier 13, cargo 5, chemical tanker 7, container 2, liquefied gas 1, passenger 3, passenger/cargo 2, petroleum tanker 8, roll on/roll off 1
foreign-owned: 1 (Norway 1)
registered in other countries: 52 (Argentina 6, Brazil 1, Honduras 1, Isle of Man 9, Liberia 9, Panama 14, Peru 6, Singapore 6) (2010)
country comparison to the world: 76
Ports and terminals:
major seaport(s): Coronel, Huasco, Lirquen, Puerto Ventanas, San Antonio, San Vicente, Valparaiso
LNG terminal(s) (import): Mejillones, Quintero

Military & Security

Military expenditures:
1.87% of GDP (2016)
1.91% of GDP (2015)
1.96% of GDP (2014)
1.99% of GDP (2013)
2.05% of GDP (2012)
country comparison to the world: 38
Military branches:
Chilean Army, Chilean Navy (Armada de Chile, includes Naval Aviation, Marine Corps, and Maritime Territory and Merchant Marine Directorate (Directemar)), Chilean Air Force (Fuerza Aerea de Chile, FACh) (2015)
Military service age and obligation:
18-45 years of age for voluntary male and female military service, although the right to compulsory recruitment of males 18-45 is retained; service obligation is 12 months for Army and 22 months for Navy and Air Force (2015)

Transnational Issues

Disputes - international:
Chile and Peru rebuff Bolivia's reactivated claim to restore the Atacama corridor, ceded to Chile in 1884, but Chile has offered instead unrestricted but not sovereign maritime access through Chile to Bolivian natural gas; Chile rejects Peru's unilateral legislation to change its latitudinal maritime boundary with Chile to an equidistance line with a southwestern axis favoring Peru; in October 2007, Peru took its maritime complaint with Chile to the ICJ; territorial claim in Antarctica (Chilean Antarctic Territory) partially overlaps Argentine and British claims; the joint boundary commission, established by Chile and Argentina in 2001, has yet to map and demarcate the delimited boundary in the inhospitable Andean Southern Ice Field (Campo de Hielo Sur)
Illicit drugs:
transshipment country for cocaine destined for Europe and the region; some money laundering activity, especially through the Iquique Free Trade Zone; imported precursors passed on to Bolivia; domestic cocaine consumption is rising, making Chile a significant consumer of cocaine

Economic Indicators for Chile including actual values, historical data, and latest data updates for the Chile economy.