Chile: Facts & Stats

ECONOMY

Industry:

There has been strong growth in this sector over the past few years, encouraging foreign investment in plants and capital. This industry has over 2,000 firms and provides 100,000 jobs. Metal manufacturing is central to Chilean development efforts, constituting 6 percent of the GDP. Leading export items in 1998 included copper wire (US$75.4 million), automotive vehicles (US$63.9 million), automotive gearboxes (US$39.7 million), and machine parts (US$38 million).

In 1998 this industry earned US$883.2 million from exports, increasing from US$722.4 million in 1996 and US$456.9 million in 1993. Metal manufacturing consists of 2,000 companies, based mostly in central and southorn Chile, and about 20 percent of the total industry work-force. There is a general consensus that Chile has remained competitive in this sector as a result of technological innovation, easily accessible raw material sources, and skilled local engineers. Some of these companies are also partly foreign-owned, keeping in tune with Chile's desire to attract foreign direct investment. For example, Brazil contributed US$80 million in 1997 to build a new hot-rolled steel plant in the town of Colina.

Agriculture:

In 1970 Chile was exporting US$33 million in agriculture, forestry, and fishing products. By 1991 exports had increased substantially to US$1.2 billion. Currently, exports of agricultural products constitute approximately 6 percent of the total GDP. However, this sector of the economy is extremely susceptible to fluctuations in world demand.

Banking & Finance:

Chile's banking system has changed significantly over the past decade. In the beginning it was relatively exclusive, offering credit only to wealthy Chileans. The rest of the population had to rely on department stores for credit. In the early 1990s the banking sector expanded quickly and began accommodating new account holders and even offering credit cards to average Chileans. Middle-class Chileans are now able to access credit through banks and are offered online "home banking." In 2001, nearly 1 out of every 5 Chileans had a credit card.

The Chilean banking sector is now one of the most developed and promising of the region. But competition from foreign banks is rising as a favorable investment climate has induced many foreign banks to open up shop in Chile. Large numbers of bank mergers have also occurred, raising government concerns over potential monopolies. As of 2001, Spain's Banco Santander Central Hispano (BSCH) controlled both Banco Santiago and Santander Chile, 2 of the largest Chilean banks. BSCH had a market share of nearly 30 percent. Financial authorities have asked it to reduce its share to 20 percent.

During Allende's presidency the financial system of Chile was near collapse. However, under the new dictatorship the financial sector experienced a remarkable boom, improving significantly between 1975-1990, with the implementation of an orthodox economic policy. By 1992 the financial sector had become modern and dynamic. But it was not until 1997 that banking law reform broadened the scope of permissible foreign activity for Chilean banks. Domestically, Chileans have recently begun to enjoy the benefits of new financial tools such as home equity loans, leasing, and debit cards. Increases in the use of traditional instruments, such as loans and credit cards, have also benefitted the Chilean population. Moreover, Chile has a private pension system with estimated assets of over US$30 billion at the end of 1997. Such assets have provided an important source of investment capital for the stock market. There has also been a significant increase in the number of firms with shares traded on the stock market as it continues to grow.

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