Chile GDP Annual Growth Rate

Last Release

Sep 30, 2024

Actual

2.3

Units In

1.6

Frequency

Quarterly

Next Release

Mar 18, 2025

Time to Release

3 Months 26 Days 11 Hours

Highest	Lowest	Average	Date Range	Source
18.1 Jun 2021	-14.2 Jun 2020	3.53 %	1997-2024	Banco Central de Chile

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.

Latest Updates

The Chilean economy expanded 2.3% year-on-year in Q3 2024, higher than 1.6% in Q2 and slightly above expectations of 2.2%. The mining sector grew 5.1%, following a 6% gain, led by copper while extraction of iron declined. The non-mining sector soared 2% after a 0.9% growth in Q2, led by personal services activities (7.1%), transportation (6.7%), manufacturing (3.2%), mostly food and chemical products, petroleum, rubber and plastic, and commerce (3.2%). In contrast, agricultural-forestry activity contracted 8.5%, mainly due to lower production of fresh vegetables. On the expenditure side, faster increases were seen for household (1% vs 0.7%) and government (5.3% vs 1.2%) spending while gross fixed capital formation continued to contract (-0.2% vs-3.1%), led by a fall in construction that was partially offset by greater investment in machinery and equipment. Both exports (6.4% vs 6.4%) and imports (1.5% vs -3%) increased. Compared to the previous period, the GDP in Chile expanded 0.7%.