Chile GDP Annual Growth Rate

Last Release

Sep 30, 2024

Actual

2.3

Units In

1.6

Frequency

Quarterly

Next Release

May 19, 2025

Time to Release

1 Months 29 Days 3 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

Chile's economy expanded by 4% year-on-year in the last quarter of 2024, marking the strongest growth since Q2 2022, following a downwardly revised 2% increase in Q3 and slightly exceeded market expectations of 3.7%. The mining sector surged by 7.3%, significantly outperforming the 4.6% growth seen in Q3, while the non-mining sector grew by 3.7%, up from 1.9%. Meanwhile, domestic demand rebounded (4.3% vs. -0.2%), driven by a 2% rise in household spending (vs. 1%) and a recovery in investment (3.3% vs. -0.8%), though public expenditure declined (-1.8% vs. 6.7%). Additionally, both exports (9.2% vs. 7.3%) and imports (10.2% vs. 1.2%) accelerated. On a quarterly basis, Chile’s GDP expanded by 0.4%, down from an upwardly revised 1.5% in Q3 and slightly below the expected 0.5%. For the full year 2024, the economy grew by 2.6%, largely driven by strong export performance.