Chile’s economic development

Chile is a country with a medium level of development and is expected to become the first developed country in South America by 2019. Mining, forestry, fishery and agricultural resources are rich and are the four pillars of the national economy. It is rich in mineral deposits, forests and aquatic resources. It is famous for its rich copper production and is known as the "Country of Copper Mines". The proven copper reserves amount to more than 200 million tons, ranking first in the world and accounting for about 1/3 of the world's reserves. Copper production and export volume also rank first in the world. The iron reserves are about 1.2 billion tons and the coal reserves are about 5 billion tons. In addition, there are saltpeter, molybdenum, gold, silver, aluminum, zinc, iodine, oil, natural gas, etc. Rich in temperate forest trees with fine wood, it is the largest exporter of forest products in Latin America. It is rich in fishery resources and is the fifth largest fishing country in the world. Industry and mining are the lifeblood of Chile's national economy. In 2001, the total industrial output value was 5,722.056 billion pesos, and the total mining output value was 3,050.727 billion pesos. The number of people employed in industry and mining is 829,000, accounting for 14% of the total labor force. In 2001, the output value of agriculture and forestry was 1,524.351 billion pesos, and the agricultural labor force was 704,000, accounting for 12% of the total labor force. The cultivated land area is 16,600 square kilometers. The country's forest coverage area is 15.649 million hectares, accounting for 20.8% of the country's land area. The main forest products are wood, pulp, paper, etc. Chile is a trading country known for its open economy. In 2003, exports exceeded the US$20 billion mark for the first time, reaching US$21.046 billion.

Main economic figures:

Per capita GDP in 2010: US$11,587.

Currency name: peso.

The Chilean peso is the currency in circulation in Chile. The peso currently in circulation was issued in 1975, after the Chilean peso was issued between 1817 and 1960. Currency number CLP. The currency unit is cents, 1 peso = 100 cents.

Exchange rate: 1 US dollar = 527.58 pesos.

Inflation rate: 2.6%.

Unemployment rate: 7.8%.