Main sectors of the Chilean economy

Mining is among the main sectors of the Chilean economy, with copper dominating exports.

In the first half of 2023, the primary sector decreased 1.2% (representing 16.3% of total nominal GDP), the manufacturing sector decreased 1.1% (representing 10.0% of total nominal GDP) and the services sector increased 0.3% (representing 64.0% of total nominal GDP), in each case, relative to the same period in 2022 and in real terms. 

According to the Chilean government, the decline in the primary sector was driven by a decrease in mining and copper, and the decline in the manufacturing sector was mainly explained by a decrease in all subsectors except food, beverages and tobacco, and metal products, machinery and equipment and other manufacturing. 

Simultaneously, the increase in the services sector was mainly due to increases in electricity, oil, gas, water, housing and personal services.

The World Trade Organization (WTO) reports that the Chilean economy continues to be heavily dependent on the mining sector, particularly copper mining. 

Chilean economy

The share of this sector in current GDP underwent considerable variations during the period under review, which largely reflect the fluctuation of international prices of copper and other minerals, as is customary in Chile and as already indicated in previous reports. 

To this must be added the effect of the pandemic, which affected the other sectors of the economy, particularly services and construction, to a greater extent than mining. 

Thus, mining’s share of current GDP was 14.2% in 2022, compared to 7.9% in 2015. 

Copper

Copper mining accounted for 10.9% of GDP in 2022 compared to 7.2% in 2015. 

However, copper mining’s share of mining GDP contracted over the last seven years, from 91.1% in 2015 to 76.8% in 2022. 

The WTO noted that this was because the fall in the volume produced of copper in 2022 was greater than the reduction in the production of other minerals.