Japan: GDP growth decelerates less than expected in Q3
Slowdown priced in: GDP growth moderated to 0.9% in seasonally adjusted annualized rate terms (SAAR) in the third quarter from...
Economic Growth in Chile
Chile's GDP growth from 2013 to 2022 was much slower than in the prior decade. The economy experienced steady—albeit muted—growth until 2019. However, the 2019 social unrest and the 2020 COVID-19 pandemic disrupted this trajectory, causing a significant economic contraction. Recovery began in 2021, fueled by rising copper prices and government stimulus measures. By 2022, Chile was focused on sustaining this recovery while addressing structural inequalities and diversifying its economy beyond copper dependence.
The Chilean economy recorded an average growth rate of 2.3% in the decade to 2022, above the 1.3% average for Latin America. In 2022, real GDP growth was 2.4%. For more GDP information, visit our dedicated page.
Chile GDP Chart
Note: This chart displays Economic Growth (GDP, annual variation in %) for Chile from 2017 to 2016.
Source: Macrobond.
Chile GDP Data
| 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|
| Economic Growth (GDP, ann. var. %) | 0.6 | -6.1 | 11.3 | 2.1 | 0.2 |
| GDP (USD bn) | 278 | 254 | 315 | 302 | 335 |
| GDP (CLP bn) | 195,532 | 201,258 | 239,562 | 263,843 | 281,870 |
| Economic Growth (Nominal GDP, ann. var. %) | 3.2 | 2.9 | 19.0 | 10.1 | 6.8 |
GDP records sharpest contraction since Q2 2023 in the second quarter
GDP reading: GDP declined 0.6% on a seasonally adjusted quarter on quarter basis in the second quarter, contrasting the 2.1% expansion logged in the first quarter and marking worst result since Q2 2023. Weaker private and public spending drove the decline, more than outweighing higher investment and exports. On an annual basis, economic growth waned notably to 1.6% in Q2, from the previous quarter's 2.5% expansion.
Drivers: Private consumption contracted 0.3% seasonally-adjusted quarter-on-quarter in Q2, compared to a 1.4% expansion in Q1. Public spending fell 1.6% (Q1: +4.4% s.a. qoq). Meanwhile, fixed investment grew 1.4% in Q2, contrasting the 0.6% contraction logged in the prior quarter and marking the first expansion in five quarters. Exports of goods and services increased 2.9% in Q2, which was above the first quarter's 2.2% expansion. Conversely, imports of goods and services growth waned to 0.3% in Q2 (Q1: +2.0% s.a. qoq).
GDP outlook: The economy should return to growth in Q3, aided by loosening financial conditions thanks to 450 basis points of rate cuts by the Central Bank over the last year.
Panelist insight: On the reading, Itaú Unibanco analysts said: “The second quarter data confirmed the correction in activity momentum following the strong, and unsustainable, start to the year. Activity during 2Q came in below the BCCh’s June IPoM estimate of +2.6% YoY, reinforcing the downside risks to the activity outlook.”
Consensus Forecasts and Projections for the next ten years
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Chilean GDP projections for the next ten years from a panel of 48 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 GDP forecast available for Chilean GDP.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Chilean GDP projections.
Want to get access to the full dataset of Chilean GDP forecasts? Send an email to info@focus-economics.com.
Latest Global GDP News
-
-
Bulgaria: Economy records best reading since Q1 2023 in the third quarter
Economy accelerates but falls short of market expectations: According to a flash reading, the economy gained steam in Q3, with... -
United Kingdom: GDP growth undershoots market expectations in the third quarter
GDP reading: GDP growth slowed to 0.1% on a seasonally adjusted quarter on quarter basis in the third quarter, down... -
Slovakia: Economy posts slowest expansion in one-and-a-half years in Q3
GDP reading: According to a preliminary estimate, the Slovak economy lost further momentum in the third quarter, expanding 1.2% year... -
Cyprus: GDP growth improves in Q3
Economy accelerates to a near two-year high: According to a flash release, GDP growth edged up to 3.9% year on... -
Slovenia: GDP growth speeds up in the third quarter
GDP growth strengthens in Q3: The economy gathered pace in Q3: GDP growth sped up to 1.4% year on year... -
Netherlands: GDP growth eases in Q3
GDP growth slows but beats market expectations: The economy lost steam in the third quarter, with GDP expanding 0.8% on...