Chile's Central Government Debt (% of GDP), 1990-2022

Chile's central government debt (% of GDP) showed a steady decline from 49.9% in 1990 to just 3.9% by 2007, supported by prudent fiscal policies, copper revenue windfalls, and the establishment of sovereign wealth funds. This trend reversed slightly in the late 2000s, with debt increasing to 8.61% in 2010 following fiscal stimulus measures during the global financial crisis.

From 2010 onward, debt grew steadily, reaching 37.98% by 2022. This increase reflects rising social expenditure and infrastructure investments, particularly after 2019’s social unrest and the economic impact of the COVID-19 pandemic. Chile's fiscal policies have historically balanced debt control with socioeconomic goals, as illustrated in the chart.