Economy of Chile

Economy of Chile
	The Santiago neighborhood nicknamed "Sanhattan"
Currency	Chilean peso (CLP)
Fiscal year	calendar year
Trade organizations	WTO, CPTPP, APEC, OECD, Mercosur (associate), CAN (associate)
Country group	Developing/Emerging; High-income economy;
Statistics
Population	19,250,195 (2022)
GDP	$344.134 billion (nominal, 2023); $595.599 billion (PPP, 2023);
GDP rank	45th (nominal, 2023); 44th (PPP, 2023);
GDP growth	2.4% (2022); -1.0% (2023f); 1.9% (2024f);
GDP per capita	$17,827 (nominal, 2023); $29,613 (PPP, 2023);
GDP per capita rank	57th (nominal, 2023); 61st (PPP, 2023);
GDP by sector	agriculture: 4.2%; industry: 32.8%; services: 63%; (2017 est.);
Inflation (CPI)	3.045% (2020)
Population below poverty line	10.8% (2020)
Gini coefficient	44.4 medium (2017, World Bank)
Human Development Index	0.860 very high (2022) (44th); 0.722 high IHDI (45th) (2021);
Labor force	8,860,151 (2022); 50.78% employment rate (2020);
Labor force by occupation	agriculture: 9.2%; industry: 23.7%; services: 67.1%; (2013);
Unemployment	7.2% (2022); 6.9% (September 2019); 18.9% youth unemployment rate (August 2019);
Average gross salary	CLP 957,741 / $1,082 monthly (2022)
Average net salary	CLP 890,699 / $1,006 monthly (2022)
Main industries	copper, lithium, other minerals, foodstuffs, fish processing, iron and steel, wood and wood products, transport equipment, cement, textiles
External
Exports	$79.79 billion (2020)
Export goods	copper: 53.6%; grapes and other produce: 8.4%; chemicals: 5.0%; fish and seafood: 4.5%; paper and pulp: 3.3%; wine: 2.4%; lumber: 2.2%; gold: 2.1%; (2014);
Main export partners	China(+) 27.5%; United States(+) 14.5%; Japan(+) 9.3%; South Korea(+) 6.2%; Brazil(+) 5.0%; (2017);
Imports	$66.516 billion (2020)
Import goods	machinery: 21.9%; petroleum: 17.5%; transport equipment and parts: 16.3%; chemicals: 7.7%; steel and other metals: 5.2%; plastic and rubber: 5.1%; textiles: 5.0%; foodstuffs: 3.1%; natural gas: 2.7%; (2014);
Main import partners	China(+) 23.9%; United States(+) 18.1%; Brazil(+) 8.6%; Argentina(+) 4.5%; Germany(+) 4.0%; (2017);
FDI stock	$206.2 billion (31 December 2017 est.); Abroad: $95.37 billion (31 December 2017 est.);
Current account	1.33% (of GDP) (2020)
Gross external debt	$183.4 billion (31 December 2017 est.)
Public finances
Government debt	43.8% of GDP (2020)
Budget balance	−2.8% (of GDP) (2020)
Revenues	57.75 billion (2017 est.)
Expenses	65.38 billion (2017 est.)
Credit rating	AA- (Standard & Poor's); Aa3 (Moody's); A+ (Fitch Ratings);
Foreign reserves	$39.166 billion (2020)
	Main data source: CIA World Fact Book ; All values, unless otherwise stated, are in US dollars.

The economy of Chile is a market economy and high-income economy as ranked by the World Bank. The country is considered one of South America's most prosperous nations, leading the region in competitiveness, income per capita, globalization, economic freedom, and low perception of corruption. Although Chile has high economic inequality, as measured by the Gini index, it is close to the regional mean.

In 2006, Chile became the country with the highest nominal GDP per capita in Latin America. In May 2010 Chile became the first South American country to join the OECD. Tax revenues, all together 20.2069% of GDP in 2013, were the second lowest among the 34 OECD countries, and the lowest in 2010. Chile has an inequality-adjusted human development index of 0.722, compared to 0.720, 0.710 and 0.576 for neighboring Argentina, Uruguay and Brazil, respectively. In 2017, only 0.7% of the population lived on less than US$1.90 a day.

The Global Competitiveness Report for 2009–2010 ranked Chile as being the 30th most competitive country in the world and the first in Latin America, well above Brazil (56th), Mexico (60th), and Argentina (85th); it has since fallen out of the top 30. The ease of doing business index, created by the World Bank, listed Chile as 34th in the world as of 2014, 41st for 2015, and 48th as of 2016. The privatized national pension system (AFP) has an estimated total domestic savings rate of approximately 21% of GDP.

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