Santiago - Economy

Economy

Santiago is the industrial and financial center of Chile, and generates 45% of the country's GDP. Some international institutions, such as ECLAC (Economic Commission for Latin America and the Caribbean), have their offices in Santiago. Currently under construction is the Costanera Center, a mega project in Santiago's Financial District. This includes a 280,000-square-metre (3,000,000 sq ft) mall, a 300-metre (980 ft) tower, two office towers of 170 metres (558 ft) each, and a hotel 105 metres (344 ft) tall. In January 2009 the retailer in charge, Cencosud, said in a statement that the construction of the mega-mall would gradually be reduced until financial uncertainty is cleared. In January 2010, Cencosud announced the restart of the project, and this was taken generally as a symbol of the country's success over the global financial crisis. Close to Costanera Center another skyscraper is already in use, Titanium La Portada, 190 metres (623 ft) tall. Although these are the two biggest projects, there are many other office buildings under construction in Santiago, as well as hundreds of high rise residential buildings. In February 2011, Gran Torre Santiago, part of the Costanera Center project, reached the 300-meter mark, officially becoming the tallest structure in Latin America. The strong economy and low government debt is attracting migrants from Europe and the United States.