Chile has been one of Latin America’s fastest-growing economies over the past decade. The country has a market-oriented economy characterized by a high level of foreign trade, a reputation for strong financial institutions and a sound policy that have given it the strongest sovereign bond rating in South America. Exports of goods and services account for approximately one-third of GDP, with commodities making up some three-quarters of total exports. Copper alone provides 19% of government revenue.
From 2003 through 2013, real growth averaged almost 5% per year, despite the slight contraction in 2009 that resulted from the global financial crisis. It has 22 trade agreements covering 60 countries including agreements with the US, European Union, Mercosur, China, India, South Korea, and Mexico. In May 2010 Chile signed the OECD Convention, becoming the first South American country to join the OECD.