Chile’s economy is market-orientated, characterised by high levels of foreign trade and a reputation for strong financial institutions and sound policies, giving it the strongest sovereign bond rating in South America.
Chile has also strengthened its long-standing commitment to trade liberalisation by signing a new free trade agreement with the United States back in 2004. Chile currently has 22 trade agreements covering 60 countries including the European Union, China, India and Mexico.
The Chilean Government also operates fiscally by accumulating surpluses in sovereign wealth funds during periods of high copper prices and economic growth, allowing deficit spending during periods of low copper prices and growth.
Composition of GDP (2013)
- Services: 61%
- Industry: 35.4%
- Agriculture: 3.6%