During the second quarter of 2021, Chile’s economic activity improved considerably due to a breakthrough in the pace of vaccination and the success of pandemic containment measures. The year-on-year rate of change in GDP registered an increase to a positive GDP growth rate of 17.21%. On the other hand, the labour market experienced an important recovery. Unemployment decreased compared to the previous quarter, down to a rate of 9.93%, while employment recorded an improvement compared to the previous quarter up to a positive rate of 5.95%. Inflation increased from the previous quarter up to 3.59%. The Chilean peso appreciated against the US dollar, recording an average exchange rate of 715.55 $CLP/USD in 2Q21.


Macroeconomic outlook report: Chile 2Q21

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Macroeconomic overview

  • During the second quarter of the year, the year-on-year variation of Chile's GDP increased by 17.34 p.p. with respect to the one recorded in 1Q21, up to a rate of 17.21%.
  • The recovery in economic activity was driven mostly by a rebound in domestic demand (30.98%).
  • Regarding the labor market, the unemployment rate decreased by 0.37 p.p. from the previous quarter, down to a rate of 9.93% in 2Q21. Employment in Chile presented a positive year-on-year rate of 5.95%, a significant improvement of 15.85 p.p. from the previous quarter.
  • The Chilean peso appreciated against the US dollar compared to the previous quarter. The average exchange rate stood at 715.55 $CLP/USD in 2Q21, 8.63 pesos per dollar less than in the previous quarter.
  • In 2Q21, the variation of the price index stood at 3.59%, after a 0.64 p.p. increase compared to 1Q21.

For more information, click here to access the executive document in pdf (only avalaible in Spanish).