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Economy of Chile

The "Sanhattan" district of Santiago
CountryChile
Width300px
CaptionThe "Sanhattan" district of Santiago
CurrencyChilean peso (CLP)
Yearcalendar year
OrgansWTO, APEC, SACN, Mercosur (associate), CAN (associate), Unasur
Gdp$203.925 billion (2010)
Growth5.2% (2010), 8.4% (1H 2011)
Per Capita$11,929 (2010)
Sectorsagriculture & mining: 22.5%, industry: 25.2%, services: 52.3% (2008)
Inflation3.0% (2010, dec./dec.)
Poverty11.5% (2009)
Gini0.503 (2006)
Labor7.74 million (2010)
Occupationsagriculture: 13.2%, industry: 23%, services: 63.9% (2005)
Unemployment8.2% (2010)
Average Gross Salary$8,002 (2009)
Industriescopper, other minerals, foodstuffs, fish processing, iron and steel, wood and wood products, transport equipment, cement, textiles
Edbr43rd
Exports$71.029 billion fob (2010, goods)
Export-goodscopper, fruit, fish products, paper and pulp, chemicals, wine
Export-partnersChina 16.46%, U.S. 11.31%, Japan 9.06%, Brazil 4.64%, Mexico 4.09% (2009)
Imports$55.174 billion fob (2010, goods)
Import-goodspetroleum and petroleum products, chemicals, electrical and telecommunications equipment, industrial machinery, vehicles, natural gas
Import-partnersU.S. 21.77%, China 12.76%, Argentina 9.55%, Brazil 6.46%, South Korea 5.35% (2009)
FDI$115 billion (31 December 2009 est.)
Gross External Debt$86.738 billion (2010)
Debt6.1% of GDP (2009, central government)
Revenue$32.75 billion (2009 est.)
Expenses$39.96 billion (2009 est.)
Aid$0 million (2006)
Reserves$27.864 billion (2010, net)
Cianameci

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The economy of Chile is ranked as an upper-middle income economy by the World Bank, and is one of South America's most stable and prosperous nations, leading Latin American nations in human development, competitiveness, income per capita, globalization, economic freedom, and low perception of corruption. However, it has a high economic inequality, as measured by the Gini index.

In May 2010 Chile became the first South American country to join the OECD. In 2006, Chile became the country with the highest nominal GDP per capita in Latin America. Chile has an inequality-adjusted human development index of 0.634, compared to 0.509 and 0.562 for neighbouring Brazil and Argentina, respectively. 5.3% of the population lives on less than US $2 a day.

The Global Competitiveness Report for 2009-2010 ranks Chile as being the 30th most competitive country in the world and the first in Latin America, well above from Brazil (56th), Mexico (60th) and Argentina which ranks 85th. The Ease of doing business index created by the World Bank lists Chile as 43rd in the world that encompasses better, usually simpler, regulations for businesses and stronger protections of property rights. The privatized national pension system (AFP) has encouraged domestic investment and contributed to an estimated total domestic savings rate of approximately 21% of GDP.


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