Forecast: Production of Accommodation and Food Services in Chile

The production in the Accommodation and Food Services sector in Chile experienced significant growth from 2013 to 2023. In 2023, the sector stood at 9.588 trillion Chilean Pesos. From 2013 to 2019, the sector saw a steady increase, although growth slowed down towards the end of the period, with a sharp decline in 2020 attributed to impacts of global events. The sector rebounded strongly in 2021 with a notable 24.79% year-on-year increase, followed by more moderate growth in 2022 and 2023, with year-on-year variations of 3.38% and 3.21%, respectively, and a 5-year CAGR of 3.34%.

The forecast data from 2024 to 2028 indicates continued growth. Key trends to watch for include:

• The sector is projected to achieve a 5-year CAGR of 2.36% by 2028
• A growth rate forecast of 12.39% from 2024 to 2028

This suggests steady expansion, driven by factors such as increased tourism, consumer spending, and economic recovery. Monitoring changes in these drivers will be crucial for future trend analysis.