Short facts about the economy in Chile
| Economy -
overview: |
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 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 5.5% in 2000.
Unemployment remains stubbornly high, however, putting pressure on President
LAGOS to improve living standards. Meanwhile, Chile has launched free trade
negotiations with the US. |
| GDP: |
purchasing power parity - $153.1
billion (2000 est.) |
| GDP - real
growth rate: |
5.5% (2000
est.) |
| GDP - per
capita: |
purchasing power parity - $10,100 (2000
est.) |
| GDP -
composition by sector: |
agriculture: 8%
industry: 38%
services: 54%
(2000) |
| Population
below poverty line: |
22% (1998
est.) |
| Household
income or consumption by percentage share: |
lowest 10%: 1.2%
highest 10%: 41.3%
(1998) |
| Inflation
rate (consumer prices): |
4.5% (2000
est.) |
| Labor
force: |
5.8 million (1999
est.) |
| Labor force
- by occupation: |
agriculture 14%, industry 27%, services
59% (1997 est.) |
| Unemployment
rate: |
9% (December
2000) |
| Budget: |
revenues: $16 billion
expenditures: $17 billion, including capital
expenditures of $NA (2000 est.) |
| Industries: |
copper, other minerals, foodstuffs,
fish processing, iron and steel, wood and wood products, transport equipment,
cement, textiles |
| Industrial
production growth rate: |
6% (2000
est.) |
| Electricity
- production: |
38.092 billion kWh
(1999) |
| Electricity
- production by source: |
fossil fuel: 61%
hydro: 35%
nuclear:
0%
other: 4% (1999) |
| Electricity
- consumption: |
35.426 billion kWh
(1999) |
| Electricity
- exports: |
0 kWh
(1999) |
| Electricity
- imports: |
0 kWh
(1999) |
| Agriculture
- products: |
wheat, corn, grapes, beans, sugar
beets, potatoes, fruit; beef, poultry, wool; fish;
timber |
| Exports: |
$18 billion (f.o.b.,
2000) |
| Exports -
commodities: |
copper, fish, fruits, paper and pulp,
chemicals |
| Exports -
partners: |
EU 27%, US 16%, Japan 14%, Brazil 6%,
Argentina 5% (1998) |
| Imports: |
$17 billion (f.o.b.,
2000) |
| Imports -
commodities: |
consumer goods, chemicals, motor
vehicles, fuels, electrical machinery, heavy industrial machinery,
food |
| Imports -
partners: |
US 24%, EU 23%, Argentina 11%, Brazil
6%, Japan 6%, Mexico 5% (1998) |
| Debt -
external: |
$39 billion
(2000) |
| Economic aid
- recipient: |
ODA, $40 million (2001
est.) |
| Currency: |
Chilean peso
(CLP) |
| Exchange
rates: |
Chilean pesos per US dollar - 571.12
(January 2001), 535.47 (2000), 508.78 (1999), 460.29 (1998), 419.30 (1997),
412.27 (1996) |
| Fiscal
year: |
calendar year | Source: World Factbook |
