GDP

GDP of Chile in 2023 - Expenditure Approach, Sector Output, and Regional GDP

Last Updated: October 31, 2023
chl

GDP Summary

“Chile with a population of had a total GDP value of US dollars (calculated in current US dollars) for the whole of 2022. The GDP per capita is 15166, and the growth rate in 2022 is 2.4%.”

Population

18.952 million

Land Size

743532 km²

GDP

300.73 billion

GDP Per Capita

15166 USD

Real GDP Growth
Note: Real GDP Growth (%) | Forecast after 2023
GDP Per Capital (Nominal)
Note: Current USD | Forecast after 2023
GDP Per Capita (PPP)
Note: PPP | Forecast after 2023

GDP Structure (Expenditure Approach)

The latest GDP update was in October 2023, updating the data on the contribution of GDP output in various sectors for the year 2022, as a proportion of the total GDP. The data is sourced from the World Bank, IMF, and local government statistics. Predictions on the sources of GDP contribution are from the EIU.

Private Consumption
63.9%
Government Expneidutre
14.4%
Capital Formation
24.8%
Export
35.7%
Import
39.3%
GDP Growth(By Type)
Note: Real GDP Growth (%) | Forecast after 2023

GDP Structure By Sector

The latest GDP update was in October 2023, updating the data on the contribution of GDP output in various sectors for the year 2022, as a proportion of the total GDP. The data is sourced from the World Bank, IMF, and local government statistics. Predictions on the sources of GDP contribution are from the EIU.

Agriculture
4.1%
Industry
28.7%
Manufacturing
10.1%
Service
67.9%
Economic Growth(By Sector)
Note: Real GDP Growth (%) | Forecast after 2023

Economic Development

Chile’s real GDP is expected to contract by 1% in 2023, according to projection by the IMF. This is largely due to economic normalization after a 2.4% expansion in 2022, driving by the huge fiscal stimulus and pension withdrawals. High inflation, interest rates, slow labor market recovery, policy uncertainty, and pessimistic business sentiment are also contributing factors. However, a sequential recovery is expected from the second quarter of 2023, with decreasing inflation, growing government spending, reduced policy uncertainty, and increased demand for Chilean exports as China eases COVID-19 restrictions. The Chilean government has introduced a “Let’s Invest in Chile” plan to stimulate private investment in 2023 through tax incentives, easier financing conditions, and greater efficiency in the processing of permits. The risks going forward include global growth slowd...

Unemployment

7.9 %

Inflation

11.6 %

Urbanization

87.6 %

TFR

1.6 人

Unemployment Rate
Unit: %
Inflation Rate
Unit: %

GDP By Regions

Top 5 Regions By Population & Their GDP | Note: USD, current prices, current PPP

Chile

478780 million USD

Santiago Metropolitan Region

208083 million USD

Biobío (Región)

38553 million USD

Valparaíso

38384.9 million USD

Maule

20419.1 million USD

Araucanía

14658.4 million USD

Historical Real GDP Growth Rate
Note: No data for 2019 and 2020 in some regions, denoted with 0%. | Source; Local Statistics Bureau | Unit: %

GDP Growth By GDP

Top 5 Regions By Population & Their GDP Growth in 2020

Chile

-6.68 %

Santiago Metropolitan Region

-12.63 %

Biobío (Región)

-8.98 %

Valparaíso

-7.15 %

Maule

-3.85 %

Araucanía

-6.95 %

Historical Real GDP Growth By Regions
Note: No data for 2019 and 2020 in some regions, denoted with 0%. | Source; Local Statistics Bureau | Unit: %

GDP Per Capita By Regions

Top 5 Regions By Population & Their GDP Per Capita in 2020 (Measured in PPP, current prices) | Unit: USD

Chile

24605 USD

Santiago Metropolitan Region

25610 USD

Biobío (Región)

17724 USD

Valparaíso

19582

Maule

18039 USD

Araucanía

14451 USD

Historical GDP Per Capita (PPP) By Regions
Note: No data for 2019 and 2020 in some regions, denoted with 0 USD. | Source; Local Statistics Bureau | Unit: %

GDP Per Capita Growth By Regions

Top 5 Regions By Population & Their GDP Per Capita Growth Rate in 2020 | Unit: %

Chile

-7.68 %

Santiago Metropolitan Region

-13.69 %

Biobío (Región)

-9.55 %

Valparaíso

-8.12 %

Maule

-4.9 %

Araucanía

-7.55 %

Historical GDP Per Capita Growth By Regions
Note: No data for 2019 and 2020 in some regions, denoted with 0%. | Source; Local Statistics Bureau | Unit: %