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Santiago has emerged as a strong centre of business activities and commerce since the early 21st century. Thanks to its advantageous economic assets - a solid presence of international companies and start-ups, a well-educated workforce and an innovation ecosystem - the city contributes half of Chilean GDP, as of 2016. Santiago, in fact, is one of the wealthiest cities in Latin America, with GDP per capita of USD16,800 in 2016.
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In 2016, Santiago's labour productivity (GVA per employee) was 46% above the level in the rest of Chile. The city's economic efficiency greatly stems from its educated workforce, as 32% of Santiago's population (aged 15+) has higher education, against 24% elsewhere in the country.
Disposable income per household in Santiago was 25% higher than in other parts of the country in 2016. The differential is boosted by the concentration of high value-added activities and, consequently, a 46% labour productivity advantage.
25% higher per household consumer expenditure (excluding housing and transport) in Santiago is reflective of higher household incomes in the city than in the rest of Chile. The city's residents allocate a smaller proportion of their spending to necessities, which leaves more funds for discretionary items, such as leisure and education.
Per household expenditure on housing and transport was 31% higher in Santiago than elsewhere in the country in 2016, signalling poor city affordability in light of a 25% income premium. Transport expenses are particularly high in the city (+52% per household over the rest of Chile in 2016) as Santiago struggles with traffic congestion.
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