Over the past decade, the accommodation and food service activities sector in Chile has experienced various growth phases. The value added in this sector showed steady increases from 2013 to 2018, with a notable peak growth of 14.98% in 2018. Following this peak, growth stabilized, showing moderate annual increases. From 2019 onwards, growth rates declined with a slight contraction in 2019, and subdued growth rates averaging around 2.5% from 2020 to 2023. As of 2023, the value stood at 3.0112 trillion Chilean Pesos.
Key trends and variations over the last two years indicate:
- 2022: 2.68% year-on-year increase
- 2023: 2.56% year-on-year increase
The Compound Annual Growth Rate (CAGR) over the past five years (2019-2023) averaged at 1.95%. Future forecasts suggest a continuation of this modest growth trend, with a projected 5-year CAGR of 1.75% from 2024 to 2028, totaling a growth rate of 9.09% over this period.
Future trends to watch for include potential impacts of global economic factors, shifts in tourism patterns post-pandemic, and domestic economic policies that may significantly influence the accommodation and food service activities sector in Chile.
