On the economic front, Chile’s open market is based on high levels of foreign trade, underpinned by stable financial institutions and a strong commodities sector, with copper its leading export and providing a fifth of government revenue.
Chile has a liberal outlook on international trade and lifted its global profile with various economic and political memberships and alliances. In 2010 Chile became the first South American nation to join the Organisation for Economic Cooperation and Development, followed by membership in the Progressive Trans-Pacific Partnership. Trade partners include the European Union, China, India, South Korea and the Mercosur bloc of Argentina, Brazil, Paraguay and Uruguay.
In 2021, Chile ranked 43rd globally with a nominal Gross Domestic Product of USD 331.25 billion but only 54th for per capita GDP at USD 16,799. Chile’s Central Bank reduced its growth forecast for 2022, predicting reductions in private consumption and investment alongside increased inflation.