MercoPress. South Atlantic News Agency

Chilean economy picking up strongly

Chile's foreign debt reached 44,8 billion US dollars last October 31, which is 1,4 billion more than last December 2003, according to preliminary figures from the Central Bank.

Of that total sum, 34,9 billion US dollars correspond to the private sector and 9,8 billion to the public sector.

The private sector debt breaks down into: 5,2 billion US dollars banks; 29,5 billion US dollars companies and 52 million US dollars non profit organizations.

Regarding the public sector debt: 4,7 billion belong to the Central government; 43 million to banks and 5,08 billion to the "rest of government organizations".

Long term debt totals, 35,7 billion US dollars ( 9 billion public and 26,7 billion private); short term debt is 9 billion US dollars, 785 million public and 8,2 billion private sector. As to the Central Bank international reserves in November they reached 16 billion US dollars.

The Chilean economy is growing at an annualized 5,5% and some analysts anticipate final figures will indicate the percentage could be closer to 5,7% given the strong world demand for Chilean commodities.

In effect the Chilean trade balance reached in November an annual 7,9 billion US dollars surplus which is three times the surplus a year ago.

Exports in the eleven months of 2004 totalled, 28,6 billion US dollars and imports 20,7 billion US dollars. Chile's main exports are copper, cellulose and salmon.

The Central Bank forecasted that Chilean exports in 2004 would reach 28 billion US dollars, imports 21 billion and trade surplus, 7 billion US dollars.