Economy, jobs and prices in Magallanes, Chile: official figures
The Central Bank of Chile puts the gross domestic product of Magallanes at 3.1 trillion pesos at current prices in 2025, 1.0% of the 307.2 trillion pesos it allocates to regions; 3rd smallest of Chile's 16 regions.
Is the economy of Magallanes growing?
In real terms the economy of Magallanes grew by 4.4% in 2025 (Chile: 2.5%), after growth of 5.5% in 2024; its 2025 growth was 5th fastest of Chile's 16 regions.
Source: Banco Central de Chile · saved copyHas the economy of Magallanes recovered since the pandemic?
After adjusting for prices, the 2025 output of Magallanes was 10.1% above its 2019 level (Chile: 13.1% above); that change ranks 4th weakest of Chile's 16 regions.
Source: Banco Central de Chile · saved copyWhat is the GDP per person in Magallanes?
GDP per person in Magallanes was US$16,142 at current prices in 2024, 4th highest of Chile's 16 regions, compared with US$16,588 in 2018.
Source: Banco Central de Chile · saved copyHow much do households spend in Magallanes?
Spending by households and non-profit institutions in Magallanes came to US$10,940 per person in 2024 (US$12,167 in 2018); 2nd highest of Chile's 16 regions. That is 68% of GDP per person.
Source: Banco Central de Chile · saved copyHow much does Magallanes export?
Magallanes exported goods and services worth 1.7 trillion pesos in 2025, equal to 54% of its GDP (Chile: 35%); exports were up 21.7% on 2024 in current pesos.
Source: Banco Central de Chile · saved copyWhat is the unemployment rate in Magallanes?
Unemployment in Magallanes was 6.9% in the June-August 2026 quarter in the INE National Employment Survey, up 0.7 percentage points on a year earlier (6.2%); 3rd lowest of Chile's 16 regions. The national rate was 9.6%.
Source: Instituto Nacional de Estadisticas (INE) · saved copyHow many people work in Magallanes?
About 98,870 people in Magallanes had jobs in June-August 2026, up 0.7% on a year earlier, and about 7,330 were unemployed (INE marks the unemployed count as having low precision).
Source: Instituto Nacional de Estadisticas (INE) · saved copyHow many workers in Magallanes have informal jobs?
20.9% of workers in Magallanes held informal jobs in June-August 2026, up 2.1 percentage points on a year earlier (Chile: 26.3%); joint lowest of Chile's 16 regions.
Source: Instituto Nacional de Estadisticas (INE) · saved copyWhat is the unemployment rate for women in Magallanes?
Unemployment among women in Magallanes was 7.9% in June-August 2026, against 6.1% for men; 61.3% of women and 75.5% of men aged 15 and over were in the labour force.
Source: Instituto Nacional de Estadisticas (INE) · saved copyWhat is the average household income in Magallanes?
Average household autonomous income (earnings, pensions, rents and private transfers, before state subsidies) in Magallanes was 1,607,808 pesos in November 2024, according to the CASEN 2024 household survey; 3rd highest of 16 regions (Chile: 1,456,694 pesos).
Source: Ministerio de Desarrollo Social y Familia (Observatorio Social) · saved copyAre household incomes in Magallanes rising?
Measured in November 2024 pesos, average household autonomous income in Magallanes went from 1,406,989 pesos in 2022 to 1,607,808 pesos in 2024 (up 14.3%; Chile: up 7.9%), and was down 2.3% on 2017 in real terms.
Source: Ministerio de Desarrollo Social y Familia (Observatorio Social) · saved copyHow much do households in Magallanes earn from work?
Households in Magallanes earned an average of 1,365,575 pesos from work in November 2024, 84.9% of their autonomous income; labour income was 3rd highest of 16 regions (Chile: 1,259,980 pesos).
Source: Ministerio de Desarrollo Social y Familia (Observatorio Social) · saved copyHow much do households in Magallanes receive in state subsidies?
State cash subsidies made up 3.7% of household monetary income in Magallanes in 2024, 3rd lowest of 16 regions (Chile: 5.5%); households received an average of 62,615 pesos in subsidies.
Source: Ministerio de Desarrollo Social y Familia (Observatorio Social) · saved copyAre wages in Magallanes keeping up with prices?
In November 2024 pesos, average household income from work in Magallanes was 1,365,575 pesos in 2024, against 1,209,936 pesos in 2022 and 1,472,591 pesos in 2017 (up 12.9% since 2022; Chile: up 8.0%).
Source: Ministerio de Desarrollo Social y Familia (Observatorio Social) · saved copyHow does household income in Magallanes compare with Chile?
Average household monetary income in Magallanes, autonomous income plus state cash subsidies, was 1,670,424 pesos in November 2024, 108.4% of the national average of 1,541,266 pesos.
Source: Ministerio de Desarrollo Social y Familia (Observatorio Social) · saved copyMore figures
- The 2024 census recorded a labour-force participation rate of 65.1% in Magallanes (Chile: 59.9%), 2nd highest of Chile's 16 regions. Source: Instituto Nacional de Estadisticas (INE) · saved copy
How Magallanes compares with other regions
GDP at current prices (2025) (2025)
Magallanes ranks 13 of 15, highest first. All 16 regions; Nuble has no page on this site.
| Rank | Region | GDP at current prices (2025) |
|---|---|---|
| 9 | Atacama | 10.3 trillion pesos |
| 10 | Tarapaca | 9.6 trillion pesos |
| 11 | Araucania | 9.2 trillion pesos |
| 12 | Los Rios | 4.3 trillion pesos |
| 13 | Magallanes | 3.1 trillion pesos |
| 14 | Arica y Parinacota | 2.7 trillion pesos |
| 15 | Aysen | 2.0 trillion pesos |
GDP per person (2024, US dollars) (2024)
Magallanes ranks 4 of 15, highest first. All 16 regions; Nuble has no page on this site.
| Rank | Region | GDP per person (2024, US dollars) |
|---|---|---|
| 1 | Antofagasta | US$49,062 |
| 2 | Tarapaca | US$24,808 |
| 3 | Atacama | US$24,803 |
| 4 | Magallanes | US$16,142 |
| 5 | Aysen | US$15,754 |
| 6 | Santiago Metropolitan Region | US$14,931 |
| 7 | Libertador General Bernardo O'Higgins | US$14,678 |
Real GDP growth (2025) (2025)
Magallanes ranks 5 of 15, highest first. All 16 regions; Nuble has no page on this site.
| Rank | Region | Real GDP growth (2025) |
|---|---|---|
| 2 | Aysen | +8.5% |
| 3 | Los Lagos | +5.3% |
| 4 | Arica y Parinacota | +5.3% |
| 5 | Magallanes | +4.4% |
| 6 | Valparaiso | +3.0% |
| 7 | Santiago Metropolitan Region | +2.8% |
| 8 | Los Rios | +2.6% |
Real GDP change 2019-2025 (2019-2025)
Magallanes ranks 12 of 15, highest first. All 16 regions; Nuble has no page on this site.
| Rank | Region | Real GDP change 2019-2025 |
|---|---|---|
| 9 | Valparaiso | +14.7% |
| 10 | Antofagasta | +12.1% |
| 11 | Santiago Metropolitan Region | +12.0% |
| 12 | Magallanes | +10.1% |
| 13 | Libertador General Bernardo O'Higgins | +9.8% |
| 14 | Coquimbo | +9.8% |
| 15 | Tarapaca | +3.9% |
Unemployment rate (ENE, Jun-Aug 2026) (Jun-Aug 2026)
Magallanes ranks 13 of 15, highest first. All 16 regions; Nuble has no page on this site.
| Rank | Region | Unemployment rate (ENE, Jun-Aug 2026) |
|---|---|---|
| 9 | Coquimbo | 9.4% |
| 10 | Arica y Parinacota | 9.4% |
| 11 | Los Lagos | 7.8% |
| 12 | Tarapaca | 7.8% |
| 13 | Magallanes | 6.9% |
| 14 | Antofagasta | 6.3% |
| 15 | Aysen | 4.0% |
Employment rate, ages 15+ (ENE, Jun-Aug 2026) (Jun-Aug 2026)
Magallanes ranks 2 of 15, highest first. All 16 regions; Nuble has no page on this site.
| Rank | Region | Employment rate, ages 15+ (ENE, Jun-Aug 2026) |
|---|---|---|
| 1 | Aysen | 64.8% |
| 2 | Magallanes | 63.8% |
| 3 | Antofagasta | 61.7% |
| 4 | Atacama | 59.6% |
| 5 | Tarapaca | 59.1% |
| 6 | Santiago Metropolitan Region | 58.9% |
| 7 | Arica y Parinacota | 54.7% |
Informal employment rate (ENE, Jun-Aug 2026) (Jun-Aug 2026)
Magallanes ranks 15 of 15, highest first. All 16 regions; Nuble has no page on this site.
| Rank | Region | Informal employment rate (ENE, Jun-Aug 2026) |
|---|---|---|
| 9 | Biobio | 27.9% |
| 10 | Atacama | 27.9% |
| 11 | Aysen | 27.5% |
| 12 | Los Lagos | 26.4% |
| 13 | Santiago Metropolitan Region | 23.4% |
| 14 | Antofagasta | 20.9% |
| 15 | Magallanes | 20.9% |
Average household autonomous income, November 2024 (pesos) (2024)
Magallanes ranks 3 of 15, highest first. All 16 regions; Nuble has no page on this site.
| Rank | Region | Average household autonomous income, November 2024 (pesos) |
|---|---|---|
| 1 | Santiago Metropolitan Region | 1,882,236 |
| 2 | Antofagasta | 1,640,396 |
| 3 | Magallanes | 1,607,808 |
| 4 | Aysen | 1,477,882 |
| 5 | Tarapaca | 1,430,926 |
| 6 | Atacama | 1,279,468 |
| 7 | Valparaiso | 1,236,410 |
State cash subsidies as a share of household monetary income (CASEN 2024) (2024)
Magallanes ranks 13 of 15, highest first. All 16 regions; Nuble has no page on this site.
| Rank | Region | State cash subsidies as a share of household monetary income (CASEN 2024) |
|---|---|---|
| 9 | Arica y Parinacota | 6.2% |
| 10 | Atacama | 5.6% |
| 11 | Aysen | 4.9% |
| 12 | Tarapaca | 4.6% |
| 13 | Magallanes | 3.7% |
| 14 | Santiago Metropolitan Region | 3.7% |
| 15 | Antofagasta | 3.3% |
More on Magallanes: overview · health · education and schools · poverty and living standards · government budget · Chile
Sources
- Instituto Nacional de Estadisticas (INE): Censo de Poblacion y Vivienda 2024: Sintesis de resultados (Tables 1-4, 8, 13, 18, 21, 24-28, 30-31, 33-37 and 39 by region), read 23 October 2026 · saved copy (SHA-256 fdf5a5b0acc0…)
- Banco Central de Chile: Consumo de hogares e IPSFL por region, precios corrientes, referencia 2018 (dolares per capita), 2018-2024, read 23 October 2026 · saved copy (SHA-256 69c349dcda69…)
- Instituto Nacional de Estadisticas (INE): Encuesta Nacional de Empleo, Nota Estadistica No. 53: principales indicadores con intervalo de confianza, trimestre junio-agosto 2026 (national and regional), read 23 October 2026 · saved copy (SHA-256 5dcdb038cef4…)
- Banco Central de Chile: Exportacion de bienes y servicios por region, anual, precios corrientes, referencia 2018 (miles de millones de pesos), 2013-2025, read 23 October 2026 · saved copy (SHA-256 892b2e560c5d…)
- Banco Central de Chile: Producto interno bruto por region, precios corrientes, series empalmadas, referencia 2018 (miles de millones de pesos), 2013-2025, read 23 October 2026 · saved copy (SHA-256 ca0f44a99447…)
- Banco Central de Chile: Producto interno bruto por region, precios corrientes, referencia 2018 (dolares per capita), 2018-2024, read 23 October 2026 · saved copy (SHA-256 f7ec24e40663…)
- Banco Central de Chile: Producto interno bruto anual por region, volumen a precios del ano anterior encadenado, referencia 2018, 2013-2025, read 23 October 2026 · saved copy (SHA-256 5fb5d18ca202…)
- Ministerio de Desarrollo Social y Familia (Observatorio Social): Encuesta Casen 2024: tablas de resultados, situacion de ingresos de los hogares, tables 3 (average household income by type and region, 2006-2024), 9 (composition of monetary income by region) and 21 (people below 50% of the median per-person income by region), read 23 October 2026 · saved copy (SHA-256 7e90810f6eb9…)
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