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Economic overview
Chile — 36 years of data
Historical Values
| Year | Value |
|---|---|
| 1990 | In 1989 the economy grew at the rate of 9.9%, reflecting substantial growth in industry, agriculture, and construction. Copper accounts for nearly 50% of export revenues; Chile's economic well-being thus remains highly dependent on international copper prices. Unemployment and inflation rates have declined from their peaks in 1982 to 5.3% and 21.4%, respectively, in 1989. The major long-term economic problem is how to sustain growth in the face of political uncertainties. |
| 1991 | In 1990 economic growth slowed from an average of 6.2% for the previous six years to about 1.5% as a result of tight monetary policy aimed at reducing inflation. Monetary policy was not successful at slowing price increases until the end of the year, however, and inflation, stimulated by higher world oil prices, increased to 27.3% in 1990 from 21.4% in 1989. Copper prices held strong in 1990, helping to maintain a balance-of-payments surplus and increase international reserves. Most observers ex |
| 1992 | The government of President Aylwin, which took power in 1990, has opted to retain the orthodox economic policies of Pinochet, although the share of spending for social welfare has risen slightly. In 1991 growth in GDP recovered to 5.5% (led by consumer spending) after only 2.1% growth in 1990. The tight monetary policy of 1990 helped cut the rate of inflation from 27.3% in 1990 to 18.7% in 1991. Despite a 12% drop in copper prices, the trade surplus rose in 1991, and international reserves incre |
| 1993 | The government of President AYLWIN, which took power in 1990, retained the economic policies of PINOCHET, although the share of spending for social welfare has risen steadily. In 1991 growth in GDP recovered to 6% (led by consumer spending) after only 2% growth in 1990. The pace accelerated in 1992 as the result of strong investment and export growth, and GDP rose 10.4%. Nonetheless, inflation fell further, to 12.7%, compared with 27.3% in 1990 and 18.7% in 1991. The buoyant economy spurred a 25 |
| 1994 | 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 has risen steadily. At the same time business investment, exports and consumer spending have also grown substantially. The new president, FREI, who takes office in March 1994, is expected to emphasize social spending even mor |
| 1995 | 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 1991-94 |
| 1996 | 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 |
| 1997 | Chile has a prosperous, essentially free market economy. Civilian governments - which took over from the military in March 1990 - have continued to reduce the government's role in the economy while shifting the emphasis of public spending toward social programs. Growth in real GDP averaged more than 6.5% in 1991-1996, and inflation is nearing a 40-year low. Chile's currency and foreign reserves also are strong, as sustained foreign capital inflows - driven in part by state privatizations - have |
| 1998 | Chile has a prosperous, essentially free market economy. Civilian governments - which took over from the military in March 1990-have continued to reduce the government's role in the economy while shifting the emphasis of public spending toward social programs. Growth in real GDP averaged more than 7.0% in 1991-1997, and inflation is nearing a 40-year low. Chile's currency and foreign reserves also are strong, as sustained foreign capital inflows-including significant direct investment-have more |
| 1999 | Chile has a prosperous, essentially free market economy. Civilian governments--which took over from the military in March 1990--have continued to reduce the government's role in the economy while shifting the emphasis of public spending toward social programs. Growth in real GDP averaged more than 7.0% in 1991-1997 but fell to about half of that average in 1998 because of spillover from the global financial crisis. Inflation has been on a downward trend and hit a 60-year low in 1998. Chile's cur |
| 2000 | 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 the period 1991-1997, but fell to half that level in 1998 because of tight monetary policies implemented to keep the cu |
| 2001 | 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 |
| 2002 | 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 |
| 2003 | 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 |
| 2004 | 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 |
| 2005 | 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 |
| 2006 | 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 |
| 2007 | 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 |
| 2008 | 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 |
| 2009 | 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 40% 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 governme |
| 2010 | 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 de |
| 2011 | 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 de |
| 2012 | 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-third 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 dem |
| 2013 | 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 approximately one-third of GDP, with commodities making up some three-quarters of total exports. Copper alone provides 19% of government revenue. From 2003 through 2012, real growth averaged almost 5% per year, despite the slight contraction in 2009 that r |
| 2014 | 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 three-quarters of total exports. Copper alone provides 19% of government revenue. From 2003 through 2013, real growth averaged almost 5% per year, despite the slight cont |
| 2015 | 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 three-quarters of total exports. Copper alone provides 19% of government revenue. From 2003 through 2013, real growth averaged almost 5% per year, despite the slight cont |
| 2016 | 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 alone provides 20% of government revenue. | From 2003 through 2013, real growth averaged almost 5% per year, despite the slight contraction i |
| 2017 | 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 the |
| 2018 | 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 slig |
| 2019 | 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 slig |
| 2020 | 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 slig |
| 2021 | 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 slig |
| 2022 | 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 slig |
| 2023 | export-driven economy; leading copper producer; though hit by COVID-19, fairly quick rebound from increased liquidity and rapid vaccine rollouts; decreasing poverty but still lingering inequality; public debt rising but still manageable; recent political violence has had negative economic consequences |
| 2024 | export-driven economy; leading copper producer; though hit by COVID-19, fairly quick rebound from increased liquidity and rapid vaccine rollouts; decreasing poverty but still lingering inequality; public debt rising but still manageable; recent political violence has had negative economic consequences |
| 2025 | export-driven economy; leading copper producer; though hit by COVID-19, fairly quick rebound from increased liquidity and rapid vaccine rollouts; decreasing poverty but still lingering inequality; public debt rising but still manageable; recent political violence has had negative economic consequences |