Economy
Economic overview:
Chile has a prosperous, essentially free market economy, with the degree of government intervention varying according to the philosophy of the different regimes. Under the center-left government of President AYLWIN, which took power in March 1990, spending on social welfare rose steadily. At the same time business investment, exports, and consumer spending also grew substantially. The new president, FREI, who took office in March 1994, has emphasized social spending even more. Growth in real GDP in 1991-95 has averaged more than 6.5% annually, with an estimated one million Chileans having moved out of poverty in the last four years. Copper remains vital to the health of the economy; Chile is the world's largest producer and exporter of copper. Success in meeting the government's goal of sustained annual economic growth of 5% depends on world copper prices, the level of confidence of foreign investors and creditors, and the government's own ability to maintain a conservative fiscal stance.
GDP:
purchasing power parity - $113.2 billion (1995 est.)
GDP real growth rate:
8.5% (1995 est.)
GDP per capita:
$8,000 (1995 est.)
GDP composition by sector:
agriculture:
7.4%
industry:
36.4%
services:
56.2% (1985)
Inflation rate (consumer prices):
8.1% (1995 est.)
Labor force:
4.728 million
by occupation:
services 38.3% (includes government 12%), industry and commerce 33.8%, agriculture, forestry, and fishing 19.2%, mining 2.3%, construction 6.4% (1990)
Unemployment rate:
5.4% (1995 est.)
Budget:
revenues:
$17 billion
expenditures:
$17 billion, including capital expenditures of $NA (1996 est.)
Industries:
copper, other minerals, foodstuffs, fish processing, iron and steel, wood and wood products, transport equipment, cement, textiles
Industrial production growth rate:
4.3% (1993 est.)
Electricity:
capacity:
4,810,000 kW
production:
22 billion kWh
consumption per capita:
1,499 kWh (1993)
Agriculture:
wheat, corn, grapes, beans, sugar beets, potatoes, fruit; beef, poultry, wool; timber; 1991 fish catch of 6.6 million metric tons
Illicit drugs:
a minor transshipment country for cocaine destined for the US and Europe; booming economy has made it more attractive to traffickers seeking to launder drug profits
Exports:
$15.9 billion (f.o.b., 1995 est.)
commodities:
copper 41%, other metals and minerals 8.7%, wood products 7.1%, fish and fishmeal 9.8%, fruits 8.4% (1991)
partners:
EU 25%, US 15%, Asia 34%, Latin America 20% (1995 est.)
Imports:
$14.3 billion (f.o.b., 1995 est.)
commodities:
capital goods 25.2%, spare parts 24.8%, raw materials 15.4%, petroleum 10%, foodstuffs 5.7%
partners:
EU 18%, US 25%, Asia 16%, Latin America 26% (1995 est.)
External debt:
$21.1 billion (1995 est.)
Economic aid:
recipient:
ODA, $62 million (1993)
Currency:
1 Chilean peso (Ch$) = 100 centavos
Exchange rates:
Chilean pesos (Ch$) per US$1 - 408.64 (December 1995), 396.78 (1995), 420.08 (1994), 404.35 (1993), 362.59 (1992), 349.37 (1991)
Fiscal year:
calendar year
