Current account moves into a small rolling surplus
Recent dynamics
Chile's rolling current account deficit stood at approximately 2.9% of GDP at the beginning of 2024 before narrowing steadily through the remainder of the year.
The deficit improved to around 1.2% of GDP by the end of 2024, marking a substantial reduction in the external imbalance compared with the beginning of the period.
Progress became less uniform during 2025. The deficit widened again toward 2% of GDP before narrowing sharply to approximately 1.2% by the end of the year.
The external adjustment strengthened further in 2026. The rolling deficit narrowed to only 0.25% of GDP and subsequently moved into a small surplus of approximately 0.18% of GDP.
Interpretation and economic signal
The movement from a deficit near 3% of GDP to a position close to balance represents a meaningful improvement in Chile's external accounts.
The annual comparison is particularly strong. The current account balance has improved by approximately 1.84 percentage points of GDP relative to one year earlier, shifting from a material deficit to a small surplus.
A current account position near balance reduces the economy's net dependence on external financing relative to periods of persistent deficits. This can improve resilience to changes in global liquidity and international financing conditions.
The rolling 12-month measure also provides a more stable signal than individual quarterly flows, which can fluctuate sharply because of trade patterns, commodity revenues, income payments, and other cross-border transactions.
The current configuration therefore points to a substantially improved external position. Maintaining the balance around neutral territory would provide stronger evidence that the earlier external deficit has been durably corrected.
Conclusion
Chile's rolling current account balance has improved to a small surplus of approximately 0.18% of GDP.
The balance is around 1.84 percentage points stronger than one year earlier and represents a substantial improvement from the larger deficits observed earlier in the period.
The current signal is therefore one of a current account close to balance and a materially improved external position, with limited evidence of significant external financing pressure.