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Economy overview
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Chile has a market-oriented economy characterized by a high level of foreign trade. During the early 1990s, Chile's reputation as a role model for economic reform was strengthened when the democratic government of Patricio AYLWIN - which took over from the military in 1990 - deepened the economic reform initiated by the military government. Growth in real GDP averaged 8% during 1991-97, but fell to half that level in 1998 because of tight monetary policies implemented to keep the current account deficit in check and because of lower export earnings - the latter a product of the global financial crisis. A severe drought exacerbated the recession in 1999, reducing crop yields and causing hydroelectric shortfalls and electricity rationing, and Chile experienced negative economic growth for the first time in more than 15 years. Despite the effects of the recession, Chile maintained its reputation for strong financial institutions and sound policy that have given it the strongest sovereign bond rating in South America. By the end of 1999, exports and economic activity had begun to recover, and growth rebounded to 4.2% in 2000. Growth fell back to 3.1% in 2001 and 2.1% in 2002, largely due to lackluster global growth and the devaluation of the Argentine peso, but recovered to 3.2% in 2003. Unemployment, although declining over the past year, remains stubbornly high, putting pressure on President LAGOS to improve living standards. One bright spot was the signing of a free trade agreement with the US, which took effect on 1 January 2004. In 2004, GDP growth is set to accelerate to more than 4% as copper prices rise, export earnings grow, and foreign direct investment picks up.
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GDP
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purchasing power parity - $154.7 billion (2004 est.)
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GDP - real growth rate
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3.3% (2004 est.)
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GDP - per capita
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purchasing power parity - $9,900 (2004 est.)
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GDP - composition by sector
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agriculture: 6.4%
industry: 38.6%
services: 55.1% (2004 est.)
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Investment gross fixed
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21.2% of GDP (2004 est.)
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Population below poverty line
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20.6% (2000 est.)
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Household income or consumption by percentage share
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lowest 10%: 3.7%
highest 10%: 41% (2000)
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Distribution of family income - Gini index
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56.7 (2000)
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Inflation rate consumer prices
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2.8% (2004 est.)
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Labor force
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6 million (2004 est.)
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Labor force by occupation
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agriculture 13.6%, industry 23.4%, services 63% (2003 est.)
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Unemployment rate
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8.5% (2004 est.)
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Budget
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revenues: $15.44 billion
expenditures: $16.02 billion, including capital expenditures of $NA (2004 est.)
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Public debt
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14.8% of GDP (2004 est.)
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Agriculture products
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grapes, apples, pears, onions, wheat, corn, oats, peaches, garlic, asparagus, beans, beef, poultry, wool; fish; timber
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Industries
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copper, other minerals, foodstuffs, fish processing, iron and steel, wood and wood products, transport equipment, cement, textiles
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Industrial production growth rate
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1.5% (2004 est.)
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Electricity production
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41.66 billion kWh (2001)
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Electricity production by source
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fossil fuel: 47%
hydro: 51.5%
other: 1.4% (2001)
nuclear: 0%
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Electricity consumption
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40.13 billion kWh (2001)
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Electricity exports
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0 kWh (2001)
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Electricity imports
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1.386 billion kWh (2001)
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Oil production
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13,640 bbl/day (2004 est.)
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Oil consumption
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241,000 bbl/day (2001 est.)
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Oil exports
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NA (2001)
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Oil imports
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NA (2001)
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Oil proved reserves
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81.05 million bbl (1 January 2002)
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Natural gas production
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1.2 billion cu m (2001 est.)
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Natural gas consumption
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6.47 billion cu m (2001 est.)
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Natural gas exports
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0 cu m (2001 est.)
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Natural gas imports
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5.27 billion cu m (2001 est.)
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Natural gas proved reserves
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67.78 billion cu m (1 January 2002)
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Current account balance
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$-594 million (2004 est.)
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Exports
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$20.44 billion f.o.b. (2004 est.)
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Exports commodities
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copper, fish, fruits, paper and pulp, chemicals, wine
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Exports partners
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US 16.2%, Japan 10.5%, China 8.6%, South Korea 4.7%, Mexico 4.3%, Italy 4.2% (2003)
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Imports
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$17.4 billion f.o.b. (2003 est.)
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Imports commodities
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consumer goods, chemicals, motor vehicles, fuels, electrical machinery, heavy industrial machinery, food
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Imports partners
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Argentina 19.4%, US 13%, Brazil 10.4%, China 6.6% (2003)
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Reserves of foreign exchange gold
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$15.84 billion (2004 est.)
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Debt external
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$43.15 billion (2004 est.)
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Economic aid recipient
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ODA, $40 million (2001 est.)
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Currency
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Chilean peso (CLP)
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Currency code
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CLP
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Exchange rates
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Chilean pesos per US dollar - 691.433 (2003), 688.936 (2002), 634.938 (2001), 535.466 (2000), 508.777 (1999)
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Fiscal year
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calendar year
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This information was reproduced in part from the CIA World Fact book.
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