Chile achieves record surplus for 2007

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SANTIAGO.- Treasury Director Alberto Arenas reported today that Chile has registered a record fiscal surplus of 8.7% of the Gross Domestic Product (GDP) for 2007 after receiving a boost from the high price of copper (the country's number one export).

The annual figure, which is equivalent to a positive balance of $ 14.453 billion U.S. dollars, is the highest on record, and was achieved despite a fiscal surplus of only 1.3% of GDP during the fourth quarter of 2007.

"We have more good news (…) we have the highest surplus registered during the last 20 years of comparable fiscal statistical records", said Arenas.

"We are in an excellent position to calmly confront the atmosphere of financial uncertainty of recent months", he added.

Chile had reported a fiscal surplus of 7.7% in 2006.

While commenting on fiscal savings generated by past surpluses in recent years, Arenas pointed out that the Pension Reserve Fund (FRP) registered a positive balance of $1.466 billion U.S. dollars at the end of December 2007.

The Economic and Social Stability Fund (FEES) reported $ 14.033 billion U.S. dollars during the same time period.