The Value Added of Accommodation and Food Services in Chile has demonstrated a robust growth pattern from 2013 to 2023. In 2023, the value stood at 5.1843 trillion Chilean Pesos, maintaining a consistent upward trajectory with a Compound Annual Growth Rate (CAGR) of 4.06% over the past five years. The year-on-year variation over the last two years exhibited significant fluctuations, with a notable 15.64% increase in 2022 followed by a more modest growth of 3.84% in 2023.
From 2013 to 2019, the sector experienced steady growth with some minor decelerations, demonstrating resilience and expansion. However, the COVID-19 pandemic in 2020 led to a sharp decline of 13.15%, followed by a recovery phase starting in 2021. The post-pandemic bounce-back saw a robust 13.14% growth in 2021 and an even stronger 15.64% in 2022, driven by a pent-up demand and economic recovery measures. Forecasts from 2024 to 2028 indicate continued growth, albeit at a decelerating pace with a forecasted five-year CAGR of 2.81%.
Future trends to watch for:
- The impact of global economic conditions on tourism and food service sectors.
- The adoption of technology and innovation within the hospitality industry.
- Government policies and infrastructure developments aimed at promoting tourism.
- Changes in consumer behavior post-COVID-19 and their influence on sector dynamics.
