Changes

==Economy==  

==Economy==  

After a decade of impressive growth rates, Chile began to experience a moderate economic downturn in 1999, brought on by unfavorable global economic conditions related to the Asian financial crisis, which began in 1997. The economy remained sluggish until 2003, when it began to show clear signs of recovery, achieving 3.3% real GDP growth. The Chilean economy finished 2004 with growth of 6.1%. Real GDP growth reached 6.3% in 2005 before falling back to 4.0% growth in 2006. Higher energy prices as well as lagging consumer demand were drags on the economy in 2006. Higher Chilean Government spending and favorable external conditions (including record copper prices for much of 2006) were not enough to offset these drags. For the first time in many years, Chilean economic growth in 2006 was among the weakest in Latin America.  

After a decade of impressive growth rates, Chile began to experience a moderate economic downturn in 1999, brought on by unfavorable global economic conditions related to the Asian financial crisis, which began in 1997. The economy remained sluggish until 2003, when it began to show clear signs of recovery, achieving 3.3% real GDP growth. The Chilean economy finished 2004 with growth of 6.1%. Real GDP growth reached 6.3% in 2005 before falling back to 4.0% growth in 2006. Higher energy prices as well as lagging consumer demand were drags on the economy in 2006. Higher Chilean Government spending and favorable external conditions (including record copper prices for much of 2006) were not enough to offset these drags. For the first time in many years, Chilean economic growth in 2006 was among the weakest in Latin America. In May 2010 Chile signed the OECD Convention, becoming the first South American country to join the OECD.

*GDP (official exchange rate): $150.4 billion.

 

*GDP (official exchange rate): $150.4 billion. (GDP (purchasing power parity):$335.4 billion (2013 est.))

*Annual real growth rate: -1.5%.

*Annual real growth rate: -1.5%.

*Per capita GDP (purchasing power parity): $14,700.

*Per capita GDP (purchasing power parity): $14,700. (GDP - per capita (PPP):$19,100 (2013 est.))

*Forestry, agriculture, and fisheries (6% of GDP): Products--fruits, wheat, potatoes, corn, sugar beets, onions, beans, livestock, fish.

*Forestry, agriculture, and fisheries (6% of GDP): Products--fruits, wheat, potatoes, corn, sugar beets, onions, beans, livestock, fish.

*Commerce (8% of GDP): Sales, restaurants, hotels.

*Commerce (8% of GDP): Sales, restaurants, hotels.

*Financial services (12% of GDP): Insurance, leasing, consulting.

*Financial services (12% of GDP): Insurance, leasing, consulting.

*Mining (13% of GDP): Copper, iron ore, nitrates, precious metals, and molybdenum.

*Mining (13% of GDP): Copper, iron ore, nitrates, precious metals, and molybdenum.

*Trade: Exports--$57.61 billion: copper, fruits and nuts, fish and seafood, and wood products. Major markets--U.S., Japan, China, Netherlands, South Korea, Brazil, Italy, Mexico. Imports--$40.91 billion: fuels, heavy industrial machinery, motor vehicles, electrical machinery, plastic. Major suppliers--U.S., China, Brazil, Argentina, South Korea.  

*Trade: Exports--$57.61 billion: copper, fruits and nuts, fish and seafood, and wood products. Major markets--U.S., Japan, China, Netherlands, South Korea, Brazil, Italy, Mexico. Imports--$40.91 billion: fuels, heavy industrial machinery, motor vehicles, electrical machinery, plastic. Major suppliers--U.S., China, Brazil, Argentina, South Korea. (GDP (official exchange rate):$281.7 billion (2013 est.))

Chile has pursued generally sound economic policies for nearly three decades. The 1973-90 military government sold many state-owned companies, and the three democratic governments since 1990 have continued privatization, though at a slower pace. The government's role in the economy is mostly limited to regulation, although the state continues to operate copper giant CODELCO and a few other enterprises (there is one state-run bank). Chile is strongly committed to free trade and has welcomed large amounts of foreign investment. Chile has signed free trade agreements (FTAs) with a whole network of countries, including an FTA with the United States, which was signed in 2003 and implemented in January 2004. Over the last several years, Chile has signed FTAs with the European Union, South Korea, New Zealand, Singapore, Brunei, China, and Japan. It reached a partial trade agreement with India in 2005 and began negotiations for a full-fledged FTA with India in 2006. Chile plans to continue its focus on its trade ties with Asia by negotiating in 2007 trade agreements with Thailand, Malaysia, and Australia.  

Chile has pursued generally sound economic policies for nearly three decades. The 1973-90 military government sold many state-owned companies, and the three democratic governments since 1990 have continued privatization, though at a slower pace. The government's role in the economy is mostly limited to regulation, although the state continues to operate copper giant CODELCO and a few other enterprises (there is one state-run bank). Chile is strongly committed to free trade and has welcomed large amounts of foreign investment. Chile has signed free trade agreements (FTAs) with a whole network of countries, including an FTA with the United States, which was signed in 2003 and implemented in January 2004. Over the last several years, Chile has signed FTAs with the European Union, South Korea, New Zealand, Singapore, Brunei, China, and Japan. It reached a partial trade agreement with India in 2005 and began negotiations for a full-fledged FTA with India in 2006. Chile plans to continue its focus on its trade ties with Asia by negotiating in 2007 trade agreements with Thailand, Malaysia, and Australia.