During the third quarter of 2021, Chile continued on its path towards recovery from the recession caused by COVID-19. The improvement was driven by the intensification of the vaccination rate, which allowed progress in the process of opening the economy and promotion of private consumption, the main recovery engine. Regarding the year-on-year GDP growth rate, it registered a slight decrease, although it continued to show a solid GDP growth of 17.34%. On the other hand, the labor market improved notably. The unemployment rate decreased to 8.63%, while employment registered a great improvement over the previous quarter, reaching a positive year-on-year rate of 14.44%. Inflation increased compared to the previous quarter, reaching 4.89%. On the other hand, the Chilean peso depreciated against the US dollar, with the average exchange rate standing at 771.30 $CLP/USD in 3Q21.


Macroeconomic outlook report: Chile 3Q21

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Macroeconomic overview

  • During the third quarter of the year, the year-on-year rate of change of Chilean GDP declined by 0.17 p.p. compared to 2Q21, reaching 17.34%. Despite the slight decline, this positive figure was the result of the improvement in the pace of vaccination which allowed the Chilean economy to recover its pre-crisis level of activity, together with the maintenance of a generous fiscal stimulus.
  • Regarding the labour market, the unemployment rate decreased by 1.30 p.p. from the previous quarter to 8.63% during the third quarter. Employment in Chile showed a positive year-on-year rate of 14.44%, a significant improvement of 8.49 p.p. from the previous quarter.
  • The Chilean peso depreciated against the US dollar compared to the previous quarter. The average exchange rate was 771.30 $CLP/USD in 3Q21, 55.75 pesos per dollar more than in the previous quarter.
  • In 3Q21, the change in the price index was 4.89%, after increasing by 1.30 p.p. from 2Q21.

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