GDP reading: GDP increased 0.2% in seasonally adjusted month-on-month terms in July, following a 0.1% fall in the previous month...
Economic Growth in Chile
Chile's GDP growth over the last decade was much slower than in the 2000s. 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, though growth slipped back into a moderate growth trajectory from 2022, capped by a recent lack of market-friendly structural reforms.
In the year 2024, the economic growth in Chile was 2.64%, compared to 1.79% in 2014 and 0.52% in 2023. It averaged 2.02% over the last decade. 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 2024.
Source: Macrobond.
Chile GDP Data
| 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|
| Economic Growth (GDP, ann. var. %) | -6.1 | 11.3 | 2.2 | 0.5 | 2.6 |
| GDP (USD bn) | 254 | 315 | 301 | 335 | 330 |
| GDP (CLP bn) | 201,258 | 239,418 | 263,065 | 281,857 | 311,631 |
| Economic Growth (Nominal GDP, ann. var. %) | 2.9 | 19.0 | 9.9 | 7.1 | 10.6 |
Economy grows at softest pace since Q2 2024 in Q2
Sequential growth softens in Q2: Economic growth halved in the second quarter, with GDP expanding 0.4% on a seasonally adjusted quarter-on-quarter basis (Q1: +0.8% s.a. qoq), the softest expansion in a year. On an annual basis, economic growth accelerated to 3.1% in Q2, compared to the previous quarter's 2.5% expansion.
Most sectors moderated: Looking at the details of the release, the quarterly slowdown was driven by deteriorations in private and public consumption plus exports. On the domestic front, private consumption growth eased to 0.9% in the second quarter, down from the first quarter's 1.1% expansion, while public spending swung into contraction in Q2, falling 2.0% (Q1: +8.9% s.a. qoq). Meanwhile, fixed investment growth improved to 4.0% in Q2, following the 0.2% increase logged in the previous quarter. On the external front, exports of goods and services contracted 1.3% in Q2 (Q1: +2.5% s.a. qoq), marking the worst reading in two years. Conversely, imports of goods and services growth picked up to 4.8% in Q2 (Q1: +1.8% s.a. qoq).
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 46 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.
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