Latinamerica Collection
Economy and Business in Chile

After a number of significant economic reforms in 1974, the Chilean economy began to improve steadily and experienced a great amount of success in the 1990s. In fact, in 1994, Chile had the strongest market structure in Latin America because of these strong reforms. Since then, politicians with varying ideologies have agreed the current structure is one that will allow the economy to continue prospering as it has for more than a decade since then.

 

Today, Chile has a labor force made up of roughly 7 million people of which nearly 14% is accounted to the agricultural sector. The agricultural sector of government accounts for only 6% of the nation's GDP. Agricultural products include fruits like grapes, apples, peaches, and pairs as well as onions, wheat, corn, oats, meats, fish, and timber. Of these products fruit and fish are exported to countries like US, Japan, China, Netherlands, Brazil, and Italy.

 

Chile's industrial sector accounts for a larger 50% of the national GDP and provides jobs to 23% of the labor force. The industrial commodities produced include copper, other minerals, fish processing, foodstuffs, iron and steel, cement, wood and wood products, transport equipment, and textiles. Of these products cooper, paper and pulp, and chemicals are exported among other products as well.

 

Finally, the services sector of the government accounts for roughly 45% of the national GDP and about 63% of the labor force, which shows that this sector of the economy obviously provides the most jobs. Tourism is included in the services sector and has been consistently growing through the years.