Chile GDP Annual Growth Rate1997-2021 Data | 2022-2023 Forecast | Calendar

Chile's gross domestic product advanced 0.3% year-on-year in the first quarter of 2021, following a flat growth rate in the previous period and missed market expectations of a 0.5% expansion. Main positive contributions came from manufacturing (2.0% vs 3.5% in Q4); trade, restaurants & accommodation (6.9% vs 6.8%); housing maintenance & furniture (0.7% vs flat reading in Q4); forestry & agriculture (2.3% vs 4.7%); and public administration (2.2% vs 2.9%). On the other hand, output fell in financial & corporate services (-2.2% vs -2.4%); construction (-11.7% vs -11.2%); mining (-2.1% vs -2.6%), mostly dragged down by copper output (-2.5%); personal services (-1.0% vs -0.7%); and transportation (-6.1% vs -7.8%). On a seasonally adjusted quarterly basis, the economy expanded 3.2%, easing from a downwardly revised 6.4% jump in Q4, as the nation struggled with a resurgence in COVID-19 infections.

Chile's gross domestic product remained stable year-on-year in the fourth quarter of 2020, following a downwardly revised 9% contraction in the previous period. Growth was recorded in manufacturing (3.5% vs -4.2% in Q3); trade (13.9% vs flat reading in Q3); communications (3.5% vs -0.5%); financial services (0.4% vs -0.7%) and agriculture (4.7% vs -2.9%). Meantime, output fell less in construction (-11.2% vs -29.6%); restaurants & hotels (-21.5% vs -44.5%); transportation services (-7.8% vs -26.8%) and business services (-3.7% vs -7.8%). On a less positive note, mining output slumped (-2.6% vs flat reading in Q3), mostly due to copper (-3.7% vs -0.3%). On a seasonally adjusted quarterly basis, the economy grew 6.8%, quickening from a downwardly revised 5.1% advance in Q3, amid the gradual lifting of restrictions. In 2020, economic activity plunged 5.8%, with services and construction among the most affected by the pandemic.

The economy of Chile shrank 9.1% year-on-year in the third quarter of 2020, following an upwardly revised record 14.5% slump in the previous period and compared with market expectations of a 9.2% drop. It was the second consecutive contraction amid the coronavirus crisis. Output shrank less in manufacturing (-4% vs -11.8% in Q2); restaurant & hotels (-43.2% vs -52.1%); transport (-28.6% vs -33.6%); personal services (-18.6% vs -29.5%); real estate (-4.4% vs -5.6%); business services (-7.6% vs -10.3%); construction (-29.6% vs -20.6%); utilities (-0.6% vs -3.3%) and agriculture (-3.2% vs -5.7%). Additionally, trade output stalled, after plunging 20.8%; while public administration expanded 2.4%, the same as in Q2. In contrast, output shrank in mining (-1% vs 1.5%), mainly due to copper (-0.9% vs 1.1%); and financial services (-0.2% vs 3.1%). On a seasonally adjusted quarterly basis, the economy grew 5.2%, recovering from an upwardly revised record 13.5% contraction in the previous period.

The economy of Chile shrank 14.1 percent year-on-year in the second quarter of 2020, after growing a downwardly revised 0.2 percent in the previous period and compared with market expectations of a 13.1 percent slump. It was the sharpest contraction on record, as the coronavirus pandemic hit the economy. Output plunged in manufacturing (-10.6% vs 0.8% in Q1); construction (-20.4% vs 5.5%); real estate (-5.3% vs 1.4%); business services (-9.5% vs 2%); and utilities (-3.1% vs 1.8%). Also, production shrank further in restaurant & hotels (-52.8% vs -6.7%); trade (-20.6% vs -1.6%); transport (-34.4% vs -3.3%); personal services (-27.9% vs -6%); and agriculture (-6% vs -3.5%). In addition, growth slowed in mining (1.6% vs 5.3%), namely copper (1.1% vs 3.7%); public administration (2.4% vs 4.3%); and financial services (2.7% vs 5.9%). On a seasonally adjusted quarterly basis, the economy contracted 13.2 percent, the most on record, following a 3 percent expansion in the prior quarter.