Chamber of Commerce Country Factsheet Last update: 10.01.2018
Your advisors at the Chamber of Commerce
- Violaine Mathurin+352423939481
- Thomas Bertrand+352423939337
Prior to the arrival of the Spanish in the 16th century, the Inca ruled northern Chile while the indigenous Mapuche inhabited central and southern Chile. Although Chile declared its independence in 1810, decisive victory over the Spanish was not achieved until 1818. In the War of the Pacific (1879-83), Chile defeated Peru and Bolivia and won its present northern regions. It was not until the 1880s that the Mapuche Indians were completely subjugated. After a series of elected governments, the three-year-old Marxist government of Salvador ALLENDE was overthrown in 1973 by a military coup led by Augusto PINOCHET, who ruled until a freely elected president was installed in 1990. Sound economic policies, maintained consistently since the 1980s, have contributed to steady growth, reduced poverty rates by over half, and have helped secure the country's commitment to democratic and representative government. Chile has increasingly assumed regional and international leadership roles befitting its status as a stable, democratic nation.
Source: The CIA World Factbook - Chile
Economic growth is projected to moderate further in 2016, reflecting weak commodity prices, tighter financial conditions and fragile consumer and business confidence. Activity will improve in 2017 as confidence starts to rebound and the global economy strenghtens, underpinning a gradual recovery in investment and private consumption. Once the effects of the past currency depreciation have worn off, inflation will return to within the central bank’s tolerance range.
The central bank raised its main policy interest rate to 3.5% in 2015 to contain inflation. As long as inflation expectations remain well-anchored, monetary policy should remain accommodative to support economic activity, as fiscal policy is becoming less expansionary in response to lower expected medium-term copper prices.
Measures to boost productivity were introduced in the context of 2016 as the “Year of Productivity” in Chile, and a new bill with key measures has been sent to Congress. Actions are intended to improve access to financing, increase exports of services, and simplify regulatory procedures to strengthen entrepreneurship and investment. Implementation of such initiatives can both raise growth and ensure that more Chileans can benefit from higher incomes.
Source: OECD - Economic Forecast
Subject descriptor 2014 2015 2016 2017 2018 Gross domestic product, constant prices 1.830 2.304 1.700 1.986 2.700 Gross domestic product, current prices 258.712 240.233 234.903 242.641 253.973 Gross domestic product per capita, current prices 14,518.860 13,341.537 12,909.807 13,196.327 13,668.867 Inflation, average consumer prices 4.391 4.349 3.962 3.029 3.000 Volume of imports of goods and services -5.662 -2.838 -0.076 2.602 3.667 Volume of exports of goods and services 1.052 -1.885 0.784 2.786 3.775 Unemployment rate 6.392 6.214 6.966 7.638 7.200 Current account balance -3.317 -4.765 -4.550 -5.903 -6.564 Current account balance -1.282 -1.983 -1.937 -2.433 -2.585
Source: IMF Statistics
Luxembourg and the country
Existing conventions and agreements
Non double taxation agreement
In order to promote international economic and financial relations in the interest of the Grand Duchy of Luxembourg, the Luxembourg government negotiates bilateral agreements for the avoidance of double taxation and prevent fiscal evasion with respect to Taxes on Income and on fortune with third countries.
Air Services agreement
- Agreement from 25 February 2002
Not ratified by Luxembourg yet (Transport for preparing the explanatory statement)
The Statec Foreign Trade statistics provide information on the trade of goods - by product and by country. This information is collected respectively through the INTRASTAT declaration and on the basis of customs documents.
You can see the statistics on the website of the Statec.
Contact points in Chili
Economic and Commercial Attaché (AWEX):
Commercial Secretary: Ms. Liliana Herrera
Carmencita 25 - Las Condes
Santiago de Chile
Tel: +56 2 232 36 23
Fax: +56 2 333 41 80
Honorary Consul with jurisdiction over the whole territory of Chile: Mr. Juan Manuel FUENTES
Tel:+56 2 289 86 900
Country risk as defined by Office du Ducroire for Chile
Ducroire is the only credit insurer covering open account deals in over 200 countries. A rating on a scale from 1 to 7 shows the intensity of the political risk. Category 1 comprises countries with the lowest political risk and category 7 countries with the highest. Macroeconomics experts also assess the repayment climate for all buyers in a country.
Other useful links
- Luxembourg-Chile Chamber of Commerce
- CIA World factbook about Chile
- ELAN biz: European and Latin American Business services
- ELAN Network: European and Latin American Technology based Business network
- The Latin America IPR SME Helpdesk
- Le Chili sur le site de l'Awex
- Le Chili sur le site de Business France
- Chambre de Commerce Franco-Chilienne
- Prochile: Chile Promotion Agency
The Chamber of Commerce and the country