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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 2.5%.
Reviewed By Lief Simon
Lief Simon is the managing editor of Global Property Advisor, Simon Letter, and Offshore Living Letter. He has purchased more than 45 properties, investing in 23 different countries around the world.
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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.
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| Information Type | Notes |
|---|---|
| GDP (2024 est.) | $350 billion |
| Real annual growth rate (2024 est.) | 2.3% |
| Per capita income | US$14,632 |
| Inflation rate | 4.7% |
| 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$7.38 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$5.26 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 | 9.85 million |
Reviewed By Lief Simon
Lief Simon is the managing editor of Global Property Advisor, Simon Letter, and Offshore Living Letter. He has purchased more than 45 properties, investing in 23 different countries around the world.
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Chile is the number one country for copper production and the second for lithium. And, its economy is also strengthened by valuable agricultural, fishery, and forestry resources.
Chile’s main industry is the services sector, which represents more than half of the GDP and employs close to 70% of the working population.
This sector includes diverse activities like retail, finance, tourism, and professional services. Additionally, mining has a key role in the economy.
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