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Economy of Chile
 | |
| Currency | Chilean peso (CLP) |
|---|---|
| calendar year | |
Trade organizations | WTO, CPTPP, APEC, OECD, Mercosur (associate), CAN (associate) |
Country group | |
| Statistics | |
| Population |  19,250,195 (2022)[3] |
| GDP | |
| GDP rank | |
GDP growth | |
GDP per capita | |
GDP per capita rank | |
GDP by sector |
|
| 3.045% (2020)[7] | |
Population below poverty line |  10.8% (2020)[8] |
| 44.4 medium (2017, World Bank)[9] | |
| |
Labor force | |
Labor force by occupation |
|
| Unemployment | |
Average gross salary | CLP 957,741 / $1,082 monthly[16] (2022) |
| CLP 890,699 / $1,006 monthly[17][18] (2022) | |
Main industries | copper, lithium, other minerals, foodstuffs, fish processing, iron and steel, wood and wood products, transport equipment, cement, textiles |
| External | |
| Exports | $104.5 billion (2023)[19] |
Export goods | |
Main export partners |
|
| Imports |  $100 billion (2023)[21] |
Import goods |
|
Main import partners | |
FDI stock | |
| 1.33% (of GDP) (2020)[22] | |
Gross external debt | $183.4 billion (31 December 2017 est.)[6] |
| Public finances | |
| 43.8% of GDP (2020)[23] | |
| −2.8% (of GDP) (2020)[24] | |
| Revenues | 57.75 billion (2017 est.)[6] |
| Expenses | 65.38 billion (2017 est.)[6] |
| |
| $39.166 billion (2020)[26] | |
All values, unless otherwise stated, are in US dollars. | |
The economy of Chile operates as a market economy and is classified as a high-income economy by the World Bank.[27] It is recognized as one of the most prosperous countries in South America,[28] leading the region in areas such as competitiveness, income per capita, globalization, economic freedom, and low levels of perceived corruption.[29] Despite its prosperity, Chile experiences significant economic inequality, as reflected by its Gini index,[30] though this is close to the regional average.[31] Among Organisation for Economic Co-operation and Development (OECD) countries, Chile has a robust social security system, with social welfare expenditures amounting to approximately 19.6% of GDP.[32][33][34]
In 2006, Chile achieved the highest nominal GDP per capita in Latin America.[35] In May 2010, it became the first South American nation to join the OECD.[36] However, tax revenues, which were 20.2% of GDP in 2013, remained the second lowest among the 34 OECD countries, having been the lowest in 2010.[37] Chile's inequality-adjusted Human Development Index (HDI) was 0.704, compared to 0.747 for Argentina, 0.720 for Uruguay, and 0.577 for Brazil.[10] As of 2017, only 0.7% of Chile's population lived on less than $1.90 per day.[38]
The Global Competitiveness Report for 2009–2010 ranked Chile as the 30th most competitive country in the world and the highest-ranked in Latin America, significantly outperforming Brazil (56th), Mexico (60th), and Argentina (85th); however, Chile has since fallen out of the top 30.[35] According to the World Bank's Ease of Doing Business Index, Chile was ranked 34th globally in 2014, 41st in 2015, and 48th in 2016.[39] Chile’s privatized national pension system, known as the Administradoras de Fondos de Pensiones (AFP), contributed to a domestic savings rate of about 21% of GDP.[40] In 2023, in response to an economic slowdown, Chile introduced a temporary basic income program aimed at supporting families through transfer payments as part of an expansionary fiscal policy.[41]
- ^ "World Economic Outlook Database, April 2019". IMF.org. International Monetary Fund. Retrieved 29 September 2019.
- ^ "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Retrieved 29 September 2019.
- ^ "Population, total - Chile". The World Bank Group. Retrieved 25 November 2021.
- ^ a b c d "Report for Selected Countries and Subjects: April 2024". imf.org. International Monetary Fund.
- ^ a b c "The outlook is uncertain again amid financial sector turmoil, high inflation, ongoing effects of Russia's invasion of Ukraine, and three years of COVID". International Monetary Fund. 11 April 2023.
- ^ a b c d e f g h i "Chile". The World Factbook (2024 ed.). Central Intelligence Agency. Retrieved 2 April 2019. (Archived 2019 edition.)
- ^ "Inflation, consumer prices (annual %) - Chile". The World Bank Group. Retrieved 25 November 2021.
- ^ "Poverty headcount ratio at national poverty lines (% of population) - Chile". The World Bank Group. Retrieved 25 November 2021.
- ^ "GINI index (World Bank estimate)". data.worldbank.org. World Bank. Retrieved 2 April 2019.
- ^ a b c "Human Development Report 2023/2024" (PDF). United Nations Development Programme. 13 March 2024. Archived (PDF) from the original on 13 March 2024. Retrieved 5 May 2024.
- ^ "Labor force, total - Chile". The World Bank Group. Retrieved 25 November 2021.
- ^ "Employment to population ratio, 15+ total (%) (modeled ILO estimate) - Chile". The World Bank Group. Retrieved 25 November 2021.
- ^ "Unemployment, total (% of total labor force) (modeled ILO estimate) - Chile". The World Bank Group. Retrieved 25 November 2021.
- ^ "Unemployment rate". data.oecd.org. OECD. Archived from the original on 26 December 2019. Retrieved 26 December 2019.
- ^ "Youth unemployment rate". data.oecd.org. OECD. Retrieved 27 April 2020.
- ^ "Page Rendering Error | OECD iLibrary".
- ^ "Taxing Wages 2023: Indexation of Labour Taxation and Benefits in OECD Countries | READ online".
- ^ "Home".
- ^ "Exports of goods and services (current US$) - Chile". The World Bank Group. Retrieved 25 November 2021.
- ^ a b "Learn More About Trade in Chile". OEC. Archived from the original on 6 April 2015. Retrieved 15 April 2015.
- ^ "Imports of goods and services (current US$) - Chile". The World Bank Group. Retrieved 25 November 2021.
- ^ "Current account balance (% of GDP) - Chile". The World Bank Group. Retrieved 25 November 2021.
- ^ "General government debt - Total, % of GDP, 2020". Organisation for Economic Co-operation and Development. Retrieved 25 November 2021.
- ^ "General government deficitTotal, % of GDP, 2019 or latest available". Organisation for Economic Co-operation and Development. Retrieved 25 November 2021.
- ^ "Moody's raises Chile credit rating to Aa3". Reuters. Archived from the original on 7 September 2014. Retrieved 6 September 2014.
- ^ "Total reserves (includes gold, current US$) - Chile". The World Bank Group. Retrieved 25 November 2021.
- ^ "Chile". Retrieved 11 June 2015.
- ^ "Country profile: Chile". BBC News. 16 December 2009. Retrieved 31 December 2009.
- ^ "Human and income poverty: developing countries". UNDP. Archived from the original on 12 February 2009. Retrieved 19 May 2008.
- ^ "Encuesta Casen" (PDF). Mideplan. 2007. Archived from the original (PDF) on 25 March 2009.
- ^ Inequality: Chile’s Real Position Archived 3 December 2013 at the Wayback Machine
- ^ Kenworthy, Lane (1999). "Do Social-Welfare Policies Reduce Poverty? A Cross-National Assessment" (PDF). Social Forces. 77 (3): 1119–1139. doi:10.2307/3005973. JSTOR 3005973. Archived (PDF) from the original on 10 August 2013.
- ^ Moller, Stephanie; Huber, Evelyne; Stephens, John D.; Bradley, David; Nielsen, François (2003). "Determinants of Relative Poverty in Advanced Capitalist Democracies". American Sociological Review. 68 (1): 22–51. doi:10.2307/3088901. JSTOR 3088901.
- ^ "Social Expenditure – Aggregated data". Organisation for Economic Co-operation and Development.
- ^ a b "Archived copy" (PDF). Archived from the original (PDF) on 30 October 2010. Retrieved 18 February 2011.
{{cite web}}: CS1 maint: archived copy as title (link) - ^ "Chile's accession to the OECD". OECD.org. 7 May 2010. Retrieved 7 May 2010.
- ^ OECD: Compare your country by tax rate, access date 13 December 2014
- ^ "Poverty headcount ratio at $1.90 a day (2011 PPP) (% of population) – Chile". data.worldbank.org. World Bank. Retrieved 5 February 2020.
- ^ "Doing Business in Chile 2013". World Bank. Archived from the original on 14 September 2018. Retrieved 21 October 2012.
- ^ "Archived copy" (PDF). Archived from the original (PDF) on 12 May 2012. Retrieved 13 July 2013.
{{cite web}}: CS1 maint: archived copy as title (link) The Chilean pension system - ^ https://repositorio.cepal.org/server/api/core/bitstreams/6409abba-6f49-4c1d-9b33-04d7d22226bc/content [bare URL]
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