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Chile

Capital City: Santiago
%T:%M %A in Santiago
The Chilean economy is one of the most performing in Latin America and the market is quoted as a model of economic stability by foreign investors.
In 2005, the economic growth remained strong : the GDP growth was 5,9% and 6.1% in 2004. The IMF forecasts a 5.8% growth for 2006. The mining sector is the main asset of the economy, and Chile benefited from the raw material's price increase, especially copper. Chile is the first productor of copper in the world. Codelco, number 1 in the world made a profit amounted 5 billion dollars in 2005. Despite these optimistic results, an official figure states that the number of those living in poverty is 4 million people.

Chile's main activity sectors are mining industry (copper, gold, silver), manufacturing industry (food-processing, chemicals, wood and paper) and agricultural industry (wine growing, sea products and fruit growing. Chile benefits from the most favorable customs regime in the region : the common rate of customs duties for all products since the 1st January 2003 is 6%. Furthermore, customs duties between Europe and Chile have lessened to 0% for a huge majority of industrial products thanks to a Chile - EU association agreement, effective as from the 1st February 2003.
The agricultural sector contributes to 8,81% of the GDP, the industrial sector to 34,30% and the service industry to 56,89% of the GDP.

Its top three client countries are the United States, Japan and China. Copper exports account for 45% of Chilean total exports in 2004.
Chile's top three import countries are Argentina, the United States and Brazil. Chile mainly imports oil products, vehicles, industrial and electrical equipment goods.

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