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Chile

Formal name in Spanish:Republica de Chile
Capital: Santiago
Head of Goverment: President Sebastian PINERA Echenique
Took office: 11 March 2010
Next election: 17 November 2013
Languages: Spanish
Surface area: 756,950 km2

Population: 17,216,945 (2013 est.)

Labour force: 8.231 million (2012 est.)
GDP: US$319.4 billion (2012 est.)
GDP per Capital: US$18,400 (2012 est.)

GDP Growth Rate: 5% (2012 est.)

Inflation: 2.8% (2012 est.)
Main economic sectors: Copper mining, Financial services, Personal services, Retail, Food production
Main export commodities: copper, fruit, fish products, paper and pulp, chemicals, wine
Value of Exports : US$83.66 billion (2012 est.)
Largest companies (take from top 500 ranking): CODELCO, EMPRESAS COPEC, ENAP, ENERSIS, MINERA ESCONDIDA
Top business schools: PUC CHILE, UNIVERSITY OF CHILE, UNIVERSITY DEL DESARROLLO
Poverty (% living on <US$2/day): 15.1% (2009 est.)
Education (% of young people in higher education): 52%
Human development index (2012): 0.819
Energy consumption (Quadrillion Btu):1.358

Energy production (Quadrillion Btu):0.336
Sources of energy: oil (34%), natural gas (21%), hydropower (21%), coal (10%)

(Source: CIA, The World Factbook)
 

COUNTRY BRIEF

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 resulted from the global financial crisis. 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 has 22 trade agreements covering 60 countries including agreements with the European Union, Mercosur, China, India, South Korea, and Mexico. Chile has joined the United States and nine other countries in negotiating the Trans-Pacific-Partnership trade agreement. In 2012, foreign direct investment inflows reached $28.2 billion, an increase of 63% over the previous record set in 2011. The Chilean Government has generally followed a countercyclical fiscal policy, accumulating surpluses in sovereign wealth funds during periods of high copper prices and economic growth, and generally allowing deficit spending only during periods of low copper prices and growth. As of 31 December 2012, those sovereign wealth funds - kept mostly outside the country and separate from Central Bank reserves - amounted to more than $20.9 billion. Chile used these funds to finance fiscal stimulus packages during the 2009 economic downturn. In May 2010 Chile signed the OECD Convention, becoming the first South American country to join the OECD.

(Source: CIA, The World Factbook)

 
 
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