Fiscal Balance in Chile
Chile's fiscal deficit evolved variably from 2013 to 2022. Early in the decade, high copper prices and robust economic growth contributed to a healthy fiscal position. However, declining commodity prices and social spending increases led to a growing deficit. The COVID-19 pandemic necessitated further spending, exacerbating the fiscal gap. By 2022, Chile faced the challenge of balancing post-pandemic economic recovery with fiscal consolidation, amid ongoing social demands and the need to diversify its economy away from copper dependency.
The fiscal balance in Chile averaged -2.8% of GDP in the decade to 2022, above the Latin America average of -4.7% of GDP. The fiscal balance in 2022 was 1.1% of GDP. For more fiscal balance information, visit our dedicated page.
Chile Fiscal Balance Chart
Note: This chart displays Fiscal Balance (% of GDP) for Chile from 2014 to 2023.
Source: Macrobond.
Chile Fiscal Balance Data
| 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|
| Fiscal Balance (% of GDP) | -2.9 | -7.3 | -7.7 | 1.1 | -2.4 |
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Chilean fiscal balance projections for the next ten years from a panel of 31 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable fiscal balance forecast available for Chilean fiscal balance.
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