Economy in Chile
The Strong and Stable Chile Economy
The dynamic, market-orientated economy in Chile has a strong reputation for foreign trade, financial stability, and sound policy making. This makes Chile a logical choice for investing, working, and living.
Over the past decade and a half the economy of Chile has grown at an average of around 5% each year, slowing a little in recent years to approx. two and a half percent. The county still has a very high bond rating, among the top in all of South America. Chile’s government puts focus on sound economic policy making and standing by its Free Trade Agreements. For these reasons the country is an eager and welcoming place for foreigners and specifically foreigners doing business. The World Bank lists the Chilean economy among the high-income economies of the world. The country is considered by many to be the most stable nation in South America, besting other large economic nations in the region; Argentina, Brazil, and Colombia.
Statistics on the Chile Economy
GDP (2015 est.): $422.4 billion
Real annual growth rate (2015 est.): 2.1%
Per capita income: US$23,500
Inflation rate: 4.3%
Natural resources: Timber, seafood, minerals.
Primary sectors (61.6% of GDP): Hotels and restaurants, financial intermediation, trade, and transport and communication.
Secondary sectors (35% of GDP): Industry; copper, lithium, other minerals, foodstuffs, fish processing, iron and steel, wood and wood products, transport equipment, cement, textiles.
Tertiary sectors (3.4% of GDP): Agriculture; grapes, apples, pears, onions, wheat, corn, oats, peaches, garlic, asparagus, beans; beef, poultry, wool; fish; timber
Exports: US$61.82 billion: copper, fruit, fish products, paper and pulp, chemicals, wine
Major trade markets: China (26.3%), US (13.2%), Japan (8.5%), South Korea (6.5%), Brazil (4.9%)
Imports: US$56 billion: petroleum and petroleum products, chemicals, electrical and telecommunications equipment, industrial machinery, vehicles, natural gas
Major suppliers: China (23.4%), US (18.8%), Brazil (7.8%), Argentina (4%)
Labor force: 8.68 million