The production volumes of accommodation and food services in Chile have shown a general upward trend since 2013. By 2023, it reached 7.7491 trillion Chilean Pesos. Notable declines occurred in 2020 due to the pandemic, seeing a -15.44% year-on-year reduction. However, a recovery began in 2021 with a 22.65% increase. The last two years, 2022 and 2023, saw modest growth at 1.74% and 1.67%, respectively. The Compound Annual Growth Rate (CAGR) over the past five years ending in 2023 is 1.73%.
Looking forward, the forecasted data for 2024-2028 suggest continued growth at a slower pace. By 2028, the production volume is expected to reach 8.4148 trillion Chilean Pesos, reflecting a 5-year forecasted CAGR of 1.3% and an overall growth rate of 6.66%.
Future trends to watch for:
- Impact of global economic conditions on tourism and travel.
- Consumer behavior shifts post-pandemic and potential demand changes.
- Expansion of digital services in the accommodation and food sectors.
- Inflationary pressures and cost adjustments in service pricing.
