Chile

Economics, Political, and Trade Overview

Source: Feb 10, 2022 Economist Intelligence Unit

Chile - In Short.

Overview of Chile

Prior to the arrival of the Spanish in the 16th century, the Inca ruled northern Chile for nearly a century 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. Economic reforms, 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.
Value
Country Full Name
Chile
Country Code
CHL
Region
Latin America & Caribbean
Income Group
High income
Currency Unit
GDP
2.53E+11
Population
19116209
Land Area
743532
Net National Income Per Capita
10213.6297
GDP per Capita (PPP)
25110.15954

2020 GDP Growth Rate (Current USD)

2020 GDP Per Capita (Current USD)

2020 Urbanization Rate (%)

2020 Total Fertility Rate (Birth Per Woman)

Doing Business Score (100= Most Friendly)

Chile - Economic

Economy of Chile

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 a slight contraction in 2009 that resulted from the global financial crisis. Growth slowed to an estimated 1.4% in 2017. A continued drop in copper prices prompted Chile to experience its third consecutive year of slow growth.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 26 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, which was finalized as the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) and signed at a ceremony in Chile in March 2018.The Chilean Government has generally followed a countercyclical fiscal policy, under which it accumulates surpluses in sovereign wealth funds during periods of high copper prices and economic growth, and generally allows 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, then-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.

Unemployment Rate

Inflation Rate

Chile - GDP Composition

GDP Composiiton & Value Added of Chile

Last Updated: Jan, 2021, Updated For 2020.

Chile - GDP, Value Added

Demographics of Chile

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
Geographic Location

Southern South America, bordering the South Pacific Ocean, between Argentina and Peru

Races

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.)major-language

Religion

Roman Catholic 66.7%, Evangelical or Protestant 16.4%, Jehovah's Witness 1%, other 3.4%, none 11.5%, unspecified 1.1% (2012 est.)

Dependency & Expectancy of Chile

Last Updated: Jan, 2021

Dependency Ratio

Expectancy

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Chile - Social Media Briefing

Chile - Social Media & Social Commerce

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Politics & Policies of Chile

2021 Policies Overview

Updated Coming in March 2021 after our team finish summarizing countries policy.

International Organizations

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

Import of Chile

Export of Chile

Import Destination

Export Destination