The economy of Chile is a market economy and high-income economy as ranked by the World Bank. The country is considered one of South America's most prosperous nations, leading the region in competitiveness, income per capita, globalization, economic freedom, and low perception of corruption. In May 2010 Chile became the first South American country to join the OECD. Tax revenues, all together 20.2069% of GDP in 2013, were the second lowest among the 34 OECD countries, and the lowest in 2010. The ease of doing business index, created by the World Bank, listed Chile as 34th in the world as of 2014, 41st for 2015, and 48th as of 2016. The privatized national pension system (AFP) has an estimated total domestic savings rate of approximately 21% of GDP.
Top Sectors in Chile
Agriculture in Chile
Chile is one of the 5 largest world producers of cherry and cranberry, and one of the 10 largest world producers of grape, apple, kiwi, peach, plum and hazelnut, focusing on exporting high-value fruits. In 2018, Chile was the 9th largest producer of grapes in the world, with 2 million tons produced; the 10th largest producer of apples in the world, with 1.7 million tons produced; and the 6th largest producer of kiwi in the world, with 230 thousand tons produced, in addition to smaller productions of other agricultural products. Chile's principal growing region and agricultural heartland is the Central Valley delimited by the Chilean Coast Range in the west, the Andes in the east Aconcagua River by the north and BÃo-BÃo River by the south. In the northern half of Chile cultivation is highly dependent on irrigation. South of the Central Valley cultivation is gradually replaced by aquaculture, silviculture, sheep and cattle farming.
Mining in Chile
The mining sector in Chile is one of the pillars of Chilean economy. The Chilean government strongly supports foreign investment in the sector and has modified its mining industry laws and regulations to create a favorable investing environment for foreigners. Thanks to a large amount of copper resources, complaisant legislation and an unregulated investment environment, Chile has become one of the main copper producers, with almost 30% of the global annual copper output. In addition to copper, Chile was, in 2019, the world's largest producer of iodine and rhenium, the second largest producer of lithium and molybdenum, the sixth largest producer of silver, the seventh largest producer of salt, the eighth largest producer of potash, the thirteenth producer of sulfur and the thirteenth producer of iron ore in the world. The country also has considerable gold production: between 2006 and 2017, the country produced annual amounts ranging from 35.9 tonnes in 2017 to 51.3 tonnes in 2013.
Finance in Chile
Chile's financial sector has grown quickly in recent years, with a banking reform law approved in 1997 that broadened the scope of permissible foreign activity for Chilean banks. Over the last ten years, people who live in Chile have enjoyed the introduction of new financial tools such as home equity loans, currency futures and options, factoring, leasing, and debit cards. The introduction of these new products has also been accompanied by an increased use of traditional instruments such as loans and credit cards.
Tourism in Chile
Chile has a great diversity of natural landscapes, from the Mars-like landscapes of the hyperarid Atacama Desert to the glacier-fed fjords of the Chilean Patagonia, passing by the winelands backdropped by the Andes of the Central Valley and the old-growth forests of the Lakes District. Easter Island and Juan Fernández Archipelago, including Robinson Crusoe Island, are also major attractions. Many of the most visited attractions in Chile are protected areas. The extensive Chilean protected areas system includes 32 protected parks, 48 natural reserves and 15 natural monuments.
20 Nov 2024
03 Dec 2024
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