Lewes, DE -- (SBWire) -- 05/22/2019 --Chile's central bank (Banco Central de Chile) cut its 2019 economic growth forecast to 3% to 4% from the last estimate of 3.25% to 4.25% in its quarterly Monetary Policy Report. Inflation has been more in control in Chile than initially expected in recent months. In the report, the bank revised down its 2019 year-end inflation forecast to 2.6 percent from 2.9 percent in December.
Chile, officially the Republic of Chile, is a South American country occupying a long, narrow strip of land between the Andes mountains to the east and the Pacific Ocean to the west. It borders Peru to the north, Bolivia to the northeast, Argentina to the east, and the Drake Passage in the far south. Chilean territory includes the Pacific islands of Juan Fernández, Salas y Gómez, Desventuradas, and Easter Island. Chile also claims about 480,000 square miles of Antarctica, although all claims are suspended under the Antarctic Treaty.
Chile had an estimated population of 18.196 million in the year 2016 and expected to reach 19.374 million by 2022. Chile's unemployment rate was 6.49% of the total labor force. Which is further expected to reach 6.3% of the labor force by 2022.
Chile's real gross domestic product (GDP) was around CLP 145928 billion in 2016 whereas the nominal GDP was CLP 167221 billion. This resulted in a GDP deflator 114591. Per capita GDP was estimated at USD 13576 whereas purchasing power parity (PPP) based per capita GDP was estimated to be at USD 24112.94.
In 2016, the Chile government's revenue was CLP 38961.69 billion whereas the expenditure was CLP 43748.63 billion. This resulted in Chile government's net lending / borrowing negative at CLP 4786.94 billion in 2016 indicating that enough financial resources were not made available by the government to boost economic growth.
The current account balance for Chile was estimated to be negative at USD 3.574 billion for the year 2016 and is expected to decline at a CAGR of 6.63% and reach USD 7.319 by 2022. This negative current account balance indicates Chile is a net borrower from the whole world.
Scope of Chile – PESTLE Analysis Report
- This report provides information about key macroeconomic indicators for Chile.
- This report provides PESTLE (political, economic, social, technological, legal and environmental ) analysis for Chile.
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