The economy of Chile advanced 3.6 percent year-on-year in the fourth quarter of 2018, following a downwardly revised 2.6 percent growth in the previous period and beating market expectations of a 2.9 percent expansion. Growth was mainly driven by a rebound in mining activity. On a seasonally adjusted quarterly basis, the gross domestic product expanded 1.3 percent, after a downwardly revised 0.2 percent gain in the prior quarter. Considering full 2018, the economy grew 4.0 percent. GDP Annual Growth Rate in Chile averaged 3.83 percent from 1997 until 2018, reaching an all time high of 9.50 percent in the first quarter of 2011 and a record low of -3.90 percent in the second quarter of 1999.

GDP Annual Growth Rate in Chile is expected to be 2.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Chile to stand at 3.20 in 12 months time. In the long-term, the Chile GDP Annual Growth Rate is projected to trend around 3.30 percent in 2020, according to our econometric models.

Chile GDP Annual Growth Rate
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Calendar GMT Actual Previous Consensus TEForecast
2018-05-18 12:30 PM GDP Growth Rate YoY 4.2% 3.3% 4% 4.0%
2018-08-20 11:30 AM GDP Growth Rate YoY 5.3% 4.3% 4% 5.0%
2018-11-19 11:30 AM GDP Growth Rate YoY 2.8% 5.4% 2.9% 3.4%
2019-03-18 11:30 AM GDP Growth Rate YoY 3.6% 2.6% 2.9% 3.3%
2019-05-17 12:30 PM GDP Growth Rate YoY 3.6% 2.6%
2019-08-20 11:30 AM GDP Growth Rate YoY 2.5%
2019-11-19 11:30 AM GDP Growth Rate YoY 2.7%



Chile GDP Growth Beats Forecasts in Q4

The economy of Chile advanced 3.6 percent year-on-year in the fourth quarter of 2018, following a downwardly revised 2.6 percent growth in the previous period and beating market expectations of a 2.9 percent expansion. Growth was mainly driven by a rebound in mining activity.

Year-on-year, fixed investment advanced further (5.6 percent from 4.9 percent in Q3), mostly boosted by investment in machinery and equipment (12.1 percent from 8.4 percent). Meanwhile, both household consumption (3.6 percent from 4.1 percent in Q3) and government spending (1.3 percent from 1.9 percent) slowed. Additionally, net external demand contributed negatively to growth, as imports rose 6.6 percent (vs 8.0 percent in Q3), led by purchases of automobiles and industrial and mining machinery while exports advanced at a slower 3.3 percent (vs 1.3 percent in Q3), driven by sales of copper, salmon and fruits.

On the production side, mining activity grew 1.3 percent, after shrinking 1.9 percent in Q3, mostly boosted by copper production (1.9 percent from -1.7 percent). Also, the manufacturing sector expanded at a faster pace (3.6 percent from 1.0 percent), mainly due to food (5.6 percent from 1.5 percent), metallic, machinery and equipment and others (2.0 percent from -1.1 percent); chemicals, rubber and plastic (4.7 percent from 0.2 percent) and paper and printing (7.2 percent from 3.0 percent). Additionally, faster growth was recorded in internal trade (3.8 percent from 2.9 percent); agriculture (5.7 percent from 4.0 percent); fishing (13.9 percent from 3.0 percent);  financial services (6.0 percent from 4.5 percent); business (2.9 percent from 2.2 percent);  personal services (3.9 percent from 3.8 percent); restaurants & hotels (2.4 percent from 1.5 percent); transport (5.1 percent from 3.0 percent); communication and information (3.9 percent from 3.6 percent); construction (3.1 percent from 3.0 percent); and utilities (4.2 percent from 2.7 percent). Meanwhile, real estate activities growth eased (3.3 percent from 3.6 percent).

On a seasonally adjusted quarterly basis, the gross domestic product expanded 1.3 percent, after a downwardly revised 0.2 percent gain in the prior quarter. 

Considering full 2018, the Chilean economy grew 4.0 percent.



Banco Central de Chile | Stefanie Moya | stefanie.moya@tradingeconomics.com
3/18/2019 12:25:01 PM



Chile GDP Last Previous Highest Lowest Unit
GDP Growth Rate 1.30 0.20 4.30 -2.70 percent [+]
GDP Annual Growth Rate 3.60 2.60 9.50 -3.90 percent [+]
GDP 277.08 250.00 278.40 4.10 USD Billion [+]
GDP Constant Prices 38946.07 38446.68 38946.07 13802.00 CLP Billion [+]
Gross National Product 147343.25 141621.74 147343.25 66182.23 CLP Billion [+]
Gross Fixed Capital Formation 9590.58 7808.86 1486680.24 7233.43 CLP Billion [+]
GDP per capita 15059.53 14958.56 15059.53 3806.81 USD [+]
GDP per capita PPP 22767.04 22614.39 22767.04 8991.85 USD [+]
GDP From Agriculture 1076.80 565.35 1980.91 193.80 CLP Billion [+]
GDP From Construction 2871.59 2236.33 2871.59 1102.60 CLP Billion [+]
GDP From Manufacturing 4127.71 3790.79 4127.71 1858.80 CLP Billion [+]
GDP From Mining 4240.30 3787.77 4240.30 2233.20 CLP Billion [+]
GDP From Public Administration 1788.33 1767.86 1788.33 721.60 CLP Billion [+]
GDP From Services 3877.62 3631.80 3897.07 2705.90 CLP Billion [+]
GDP From Transport 2076.19 1930.51 2076.19 708.90 CLP Billion [+]
GDP From Utilities 1131.59 1054.82 1131.59 532.40 CLP Billion [+]


Chile GDP Annual Growth Rate

The most important sector of Chilean economy is services. Trade, restaurants and hotels, transport, communications, financial and business services, real estate and personal services account for more than 56 percent of the GDP. Mining constitutes 13 percent of the output with copper representing the biggest part. Manufacturing creates 12 percent of the wealth and construction and water, gas and electricity distribution 11 percent. The government fuels 5 percent of the output and the agriculture and fishing sector accounts for the remaining 3 percent of GDP. This page provides - Chile GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Chile GDP Annual Growth Rate - actual data, historical chart and calendar of releases - was last updated on April of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
3.60 2.60 9.50 -3.90 1997 - 2018 percent Quarterly
2013=100




Country Last Previous
India 6.60 Dec/18
China 6.40 Mar/19
Indonesia 5.18 Dec/18
Saudi Arabia 3.60 Dec/18
United States 3.00 Dec/18
Russia 2.70 Dec/18
Australia 2.30 Dec/18
Spain 2.30 Dec/18
Netherlands 2.20 Dec/18
South Korea 1.80 Mar/19
Mexico 1.70 Dec/18
Canada 1.60 Dec/18
Switzerland 1.40 Dec/18
United Kingdom 1.40 Dec/18
Singapore 1.30 Mar/19
Brazil 1.10 Dec/18
Euro Area 1.10 Dec/18
South Africa 1.10 Dec/18
France 1.00 Dec/18
Germany 0.60 Dec/18
Japan 0.30 Dec/18
Italy 0.00 Dec/18
Turkey -3.00 Dec/18
Argentina -6.20 Dec/18


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