Chile_Country_Profile.pdf - Chile Country Profile Country Report | 04 May 2018 Chile's economy will gather momentum in 2018 Steady gains in private

Chile_Country_Profile.pdf - Chile Country Profile Country...

This preview shows page 1 - 3 out of 11 pages.

Chile: Country Profile Country Report | 04 May 2018 Chile's economy will gather momentum in 2018. Steady gains in private consumption and exports (spurred by a rise in copper prices) will be the main drivers. Led by the mining sector, investment should also strengthen significantly as the economy picks up. Growth is expected to recover gradually as private sector prospects improve, copper prices rise and exporters benefit from improvements in competitiveness. Real GDP should be growing by about 3.3% per year by 2025. KEY POINTS Chile's economy will see much stronger gains in 2018. Real GDP will increase by 2.9% in 2018 after gains of 1.5% in 2017. Private final consumption (in real terms) rose by 2.4% in 2017 and growth of 3.6% is expected in 2018. A rise in wages supports consumer spending. Unemployment was 6.7% in 2017and it will dip to 6.6% in 2018. New labour regulations intended to provide more flexibility came into effect in 2017 but they will require time to bear results. Growth is expected to recover gradually as private sector prospects improve, copper prices rise and exporters benefit from improvements in competitiveness. Real GDP should be growing by about 3.3% per year by 2025. Chart 1 Real GDP Growth and Per Capita GDP: 2012- 2018 Source: Euromonitor International from national statistics/Eurostat/OECD/UN/IMF Note: Data for 2018 is forecast. GDP per capita are in constant 2017 prices FACTS Area 743,500 square kilometres Currency Chilean peso CLP Page 1 of 11
Image of page 1
Location Although never more than about 200km wide, Chile occupies the greater part of South America's Pacific coastline, with Argentina to its east over the Andes mountains, and Peru and Bolivia to the north. In the south its Tierra del Fuego regions are sub-Antarctic in character. The extraordinary range of climatic conditions that result is one of the most striking features of the country. Capital Santiago GOVERNMENT Head of State Sebastián Piñera (2018) Head of Government Sebastián Piñera (2018) Ruling Party The New Majority coalition leads the government. Political Structure An executive president serves a four-year term. The National Congress has two chambers - a Senate and a Chamber of Deputies. The Senate has 43 members elected for eight-year terms in two-seat constituencies. The Chamber of Deputies has 155 members who serve a four-year term in two-seat constituencies. In 2005, the constitution was modified allowing the president to dismiss the armed forces' commanders. The reform also eliminated the Senate seats of all appointed members. Finally, the term of the president was reduced from six to four years. Last Elections A general election was held in November 2017. Piñera defeated Alejandro Guillier with 54.5% of the vote. Congressional elections were held at the same time. In the Chamber of Deputies, the Chile Vamos coalition took 72 seats, the Force of the Majority Coalition received 43 seats and the Broad Front won 20 seats. The remainder of the seats were dispersed among smaller parties. In the Senate, Chile Vamos coalition now holds 19 seats with 15 seats going to the Force of the Majority Coalition and the Christian Democratic Party taking six seats. The
Image of page 2
Image of page 3

You've reached the end of your free preview.

Want to read all 11 pages?

  • Summer '18
  • Sagar Arora
  • gross domestic product, Per capita income, Euromonitor International, copper¬†prices

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

Stuck? We have tutors online 24/7 who can help you get unstuck.
A+ icon
Ask Expert Tutors You can ask You can ask You can ask (will expire )
Answers in as fast as 15 minutes