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 account for more than one-fourth of GDP, with commodities making up some three-quarters of total exports. Copper alone provides one-third of government revenue. 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 situation 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. In the years since then, growth has averaged 4% per year. Chile deepened its longstanding commitment to trade liberalization with the signing of a free trade agreement with the US, which took effect on 1 January 2004. Chile claims to have more bilateral or regional trade agreements than any other country. It has 57 such agreements (not all of them full free trade agreements), including with the European Union, Mercosur, China, India, South Korea, and Mexico. Over the past seven years, foreign direct investment inflows have quadrupled to some $15 billion in 2010, but FDI had dropped to about $7 billion in 2009 in the face of diminished investment throughout the world. The Chilean government conducts a rule-based countercyclical fiscal policy, accumulating surpluses in sovereign wealth funds during periods of high copper prices and economic growth, and allowing deficit spending only during periods of low copper prices and growth. As of September 2008, those sovereign wealth funds - kept mostly outside the country and separate from Central Bank reserves - amounted to more than $20 billion. Chile used $4 billion from this fund to finance a fiscal stimulus package to fend off recession. In December 2009, the OECD invited Chile to become a full member, after a two year period of compliance with organization mandates. The economy started to show signs of a rebound in the fourth quarter, 2009, and GDP grew more than 5% in 2010. The magnitude 8.8 earthquake that struck Chile in February 2010 was one of the top ten strongest earthquakes on record. It caused considerable damage near the epicenter, located about 70 miles from Concepcion - and about 200 miles southwest of Santiago.

$260 billion (2010 est.)

$246.9 billion (2009 est.)

$250.6 billion (2008 est.)

$199.2 billion (2010 est.)

5.3% (2010 est.)

-1.5% (2009 est.)

3.7% (2008 est.)

$15,500 (2010 est.)

$14,900 (2009 est.)

$15,200 (2008 est.)

7.58 million (2010 est.)

8.7% (2010 est.)

9.6% (2009 est.)

18.2% (2005)

54.9 (2003)

57.1 (2000)

23.5% of GDP (2010 est.)

6.2% of GDP (2010 est.)

6.1% of GDP (2009 est.)

1.7% (2010 est.)

1.5% (2009 est.)

0.5% (31 December 2009)

8.25% (31 December 2008)

7.25% (31 December 2009 est.)

13.26% (31 December 2008 est.)

$29.81 billion (31 December 2010 est)

$23.68 billion (31 December 2009 est)

$160.3 billion (31 December 2009)

$127.5 billion (31 December 2008)

$153.6 billion (31 December 2010 est.)

$133.7 billion (31 December 2009 est.)

$209.5 billion (31 December 2009)

$132.4 billion (31 December 2008)

$212.9 billion (31 December 2007)

grapes, apples, pears, onions, wheat, corn, oats, peaches, garlic, asparagus, beans; beef, poultry, wool; fish; timber

copper, other minerals, foodstuffs, fish processing, iron and steel, wood and wood products, transport equipment, cement, textiles

3.2% (2010 est.)

60.6 billion kWh (2007 est.)

57.29 billion kWh (2007 est.)

0 kWh (2008 est.)

1.628 billion kWh (2007 est.)

10,850 bbl/day (2009 est.)

277,000 bbl/day (2009 est.)

49,250 bbl/day (2007 est.)

311,200 bbl/day (2007 est.)

150 million bbl (1 January 2010 est.)

1.65 billion cu m (2008 est.)

2.34 billion cu m (2008 est.)

0 cu m (2008 est.)

690 million cu m (2008 est.)

97.97 billion cu m (1 January 2010 est.)

$1.033 billion (2010 est.)

$4.217 billion (2009 est.)

$64.28 billion (2010 est.)

$53.74 billion (2009 est.)

copper, fruit, fish products, paper and pulp, chemicals, wine

China 16.46%, US 11.31%, Japan 9.06%, South Korea 6.49%, Brazil 4.64%, Mexico 4.09% (2009)

$54.23 billion (2010 est.)

$39.75 billion (2009 est.)

petroleum and petroleum products, chemicals, electrical and telecommunications equipment, industrial machinery, vehicles, natural gas

US 21.77%, China 12.76%, Argentina 9.55%, Brazil 6.46%, South Korea 5.35% (2009)

$26.08 billion (31 December 2010 est.)

$25.29 billion (31 December 2009 est.)

$84.51 billion (31 December 2010 est.)

$72.76 billion (31 December 2009 est.)

$136.3 billion (31 December 2010 est.)

$121.6 billion (31 December 2009 est.)

$51.15 billion (31 December 2010 est.)

$41.2 billion (31 December 2009 est.)

Chilean pesos (CLP) per US dollar - 525.34 (2010), 560.86 (2009), 509.02 (2008), 526.25 (2007), 530.29 (2006)