The economy of Chile grew 1.9 percent year-on-year in the second quarter of 2019, following a 1.6 percent expansion in the previous period and beating market expectations of 1.8 percent. Fixed investment increased at a faster pace, mainly due to construction while household consumption and government spending slowed. Among economic activities, growth was mainly boosted by the services sector namely personal services, real estate and business. Also, the mining sector expanded marginally, after shrinking in the first quarter of the year. On a seasonally adjusted quarterly basis, the economy advanced 0.8 percent, after stalling in the prior quarter. GDP Annual Growth Rate in Chile averaged 3.78 percent from 1997 until 2019, reaching an all time high of 9.50 percent in the first quarter of 2011 and a record low of -3.90 percent in the second quarter of 1999.

GDP Annual Growth Rate in Chile is expected to be 3.30 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Chile to stand at 3.10 in 12 months time. In the long-term, the Chile GDP Annual Growth Rate is projected to trend around 3.30 percent in 2020, according to our econometric models.

Chile GDP Annual Growth Rate
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Calendar GMT Actual Previous Consensus TEForecast
2018-11-19 11:30 AM GDP Growth Rate YoY Q3 2.8% 5.4% 2.9% 3.4%
2019-03-18 11:30 AM GDP Growth Rate YoY Q4 3.6% 2.6% 2.9% 3.3%
2019-05-20 12:30 PM GDP Growth Rate YoY Q1 1.6% 3.6% 1.8% 2%
2019-08-19 12:30 PM GDP Growth Rate YoY Q2 1.9% 1.6% 1.8% 2.3%
2019-11-18 11:30 AM GDP Growth Rate YoY Q3 1.9% 3.3%



Chile Q2 GDP Growth Beats Forecasts

The economy of Chile grew 1.9 percent year-on-year in the second quarter of 2019, following a 1.6 percent expansion in the previous period and beating market expectations of 1.8 percent. Growth was mainly boosted by the services sector namely personal services, real estate and business while the mining sector recovered after shrinking in the first quarter.

On the expenditure side, fixed investment grew at a faster pace (4.8 percent from 3.2 percent in Q1) boosted by construction (6.4 percent from 2.8 percent) while machinery and equipment slowed (2.0 percent from 3.9 percent). Meanwhile, growth moderated for household consumption (2.3 percent from 3.2 percent) and government spending (2.2 percent from 3.2 percent. Also, decline was observed for both exports (-3.2 percent from -2.0 percent) and imports (-3.5 percent from 1.4 percent).

On the production side, the mining activity grew 0.2 percent recovering from a 4.2 percent contraction in Q1 as copper production grew 0.6 percent (-3.3 percent in Q1). Additionally, output rebounded in fishing (5.5 percent from -3.2 percent); and utilities (0.7 percent from -0.6 percent). Also, faster growth was recorded in real estate (3.5 percent from 3.2 percent); construction (4.2 percent from 3.0 percent); and restaurants & hotels (2.4 percent from 1.4 percent) while business services advanced at the same pace (3.2 percent). Meanwhile, output contracted in manufacturing (-1.1 percent from 1.1 percent), mainly due to food (-3.6 percent from 0.2 percent), cellulose & paper (-2.7 percent from 0.9 percent), and textiles, clothing, leather and footwear (-10.4 percent from -9.0 percent). In addition, growth slowed in internal trade (1.5 percent from 2.4 percent); transport (3.7 percent from 4.2 percent); communication and information (2.1 percent from 2.9 percent); financial services (4.7 percent from 5.9 percent); and personal services (3.1 percent from 3.7 percent).   

On a seasonally adjusted quarterly basis, the economy advanced 0.8 percent, after stalling in the prior quarter.


Banco Central de Chile | Stefanie Moya | stefanie.moya@tradingeconomics.com
8/19/2019 5:08:32 PM



Chile GDP Last Previous Highest Lowest Unit
GDP Growth Rate 0.80 0.00 4.30 -2.70 percent [+]
GDP Annual Growth Rate 1.90 1.60 9.50 -3.90 percent [+]
GDP 298.20 277.70 298.20 4.10 USD Billion [+]
GDP Constant Prices 39228.51 38905.10 39228.51 13802.00 CLP Billion [+]
Gross National Product 147343.25 141621.74 147343.25 66182.23 CLP Billion [+]
Gross Fixed Capital Formation 8162.37 7654.09 1486680.24 7233.43 CLP Billion [+]
GDP per capita 15130.20 14748.50 15130.20 3611.90 USD [+]
GDP per capita PPP 22873.81 22296.84 22873.81 8969.84 USD [+]
GDP From Agriculture 925.56 1934.45 1980.91 193.80 CLP Billion [+]
GDP From Construction 2360.48 2203.05 2871.59 1102.60 CLP Billion [+]
GDP From Manufacturing 4053.39 3978.98 4127.71 1858.80 CLP Billion [+]
GDP From Mining 3727.95 3602.18 4240.30 2233.20 CLP Billion [+]
GDP From Public Administration 1791.10 1762.94 1791.10 721.60 CLP Billion [+]
GDP From Services 3917.49 3619.84 3917.49 2705.90 CLP Billion [+]
GDP From Transport 1973.45 1970.30 2076.19 708.90 CLP Billion [+]
GDP From Utilities 1038.73 1066.60 1131.59 532.40 CLP Billion [+]


Chile GDP Annual Growth Rate

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. This page provides - Chile GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Chile GDP Annual Growth Rate - actual data, historical chart and calendar of releases - was last updated on September of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
1.90 1.60 9.50 -3.90 1997 - 2019 percent Quarterly
2013=100




Country Last Previous
China 6.20 Jun/19
Indonesia 5.05 Jun/19
India 5.00 Jun/19
United States 2.30 Jun/19
Spain 2.10 Jun/19
Netherlands 2.00 Jun/19
South Korea 2.00 Jun/19
Saudi Arabia 1.70 Mar/19
Canada 1.60 Jun/19
Australia 1.40 Jun/19
France 1.40 Jun/19
Euro Area 1.20 Jun/19
United Kingdom 1.20 Jun/19
Brazil 1.00 Jun/19
Japan 1.00 Jun/19
Russia 0.90 Jun/19
South Africa 0.90 Jun/19
Germany 0.40 Jun/19
Switzerland 0.20 Jun/19
Singapore 0.10 Jun/19
Italy -0.10 Jun/19
Mexico -0.80 Jun/19
Turkey -1.50 Jun/19
Argentina -5.80 Mar/19


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