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Economy of Chile

The economy of Chile is ranked as a high-income economy by the World Bank, and is considered one of South America's most stable and prosperous nations, leading Latin American nations in competitiveness, income per capita, globalization, economic freedom, and low perception of corruption. Although Chile has high economic inequality, as measured by the Gini index, it is close to the regional mean.

In 2006, Chile became the country with the highest nominal GDP per capita in Latin America. In May 2010 Chile became the first South American country to join the OECD. Tax revenues, all together 20.2% of GDP in 2013, were the second lowest among the 34 OECD countries, and the lowest in 2010. Chile has an inequality-adjusted human development index of 0.661, compared to 0.662, 0.680 and 0.542 for neighbouring Uruguay, Argentina and Brazil, respectively. In 2008, only 2.7% of the population lived on less than US $2 a day.

The ease of doing business index, created by the World Bank, listed Chile as 34th in the world as of 2014, 41st for 2015, and 48th as of 2016. The privatized national pension system (AFP) has encouraged domestic investment and contributed to an estimated total domestic savings rate of approximately 21% of GDP.

Sectors

Agriculture

Agriculture and allied sectors like forestry, logging and fishing accounts only for 4.9% of the GDP as of 2007 and employed 13.6% of the country's labour force. Some major agriculture products of Chile includes grapes, apples, pears, onions, wheat, corn, oats, peaches, garlic, asparagus, beans, beef, poultry, wool, fish and timber. Through Chile's trade agreements, its agricultural products have gained access to a market controlling 77% of the world's GDP and by approximately 2012, 74% of Chilean agribusiness exports will be duty-free.

Salmon

Chile is the second largest producer of salmon in the world. The presence of large foreign firms in the salmon industry has brought what probably most contributes to Chile's burgeoning salmon production, technology.

Forestry

The Chilean forestry industry grew to comprise 13% of the country's total exports in 2005, making it one of the largest export sectors for Chile. Radiata Pine and Eucalyptus comprise the vast majority of Chile's forestry exports.

Wine

The popularity of Chilean wine has been attributed not just to the quantity produced but also to increasing levels of quality. The combination of quantity and quality allows Chile to export excellent wines at reasonable prices to the international market.

Mining

The mining sector in Chile is one of the pillars of Chilean economy. The Chilean government strongly supports foreign investment in the sector and has modified its mining industry laws and regulations to create a favourable investing environment for foreigners.

Services

The service sector in Chile has grown fast and consistently in recent decades, reinforced by the rapid development of communication and information technology, access to education and an increase in specialist skills and knowledge among the workforce.

Finance

Chile's financial sector has grown quickly in recent years, with a banking reform law approved in 1997 that broadened the scope of permissible foreign activity for Chilean banks. However, by 2009, it has been reported that $21 billion had been lost from the pension system to the global financial crisis.

Tourism

Tourism in Chile has experienced sustained growth over the last decades. Chile received about 2.25 million foreign visitors in 2006, up to 2.50 million in 2007 The percentages of foreign tourists arrivals by land, air and sea were, respectively, 55.3%, 40.5% and 4.2% for that year.

This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article "Economy Of Chile"

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