Chile’s Budget Surplus Doubles

Chile’s budget surplus last year rose to $5.4 billion or 4.8% of GDP, more than double the figure of 2.2% in 2004, and the highest level in 18 years. The better-than-expected surplus was driven by higher tax revenues from increased consumer spending and record international copper prices. Copper is Chile’s leading export and state-owned mining company Codelco turned in multi-billion dollar profits last year.