NEW YORK (CNNMoney.com) -- The massive earthquake that struck Chile this weekend did between $15 billion and $30 billion in damage to the South American nation's economy, according to a risk management assessment firm.
Oakland, Calif.-based EQECAT said the damage wreaked by Saturday's 8.8 quake off the coast of southern Chile amounts to between 10% and 15% of the nation's gross domestic product.
"While this constitutes a major disaster, Chile's widespread adoption and enforcement of modern, seismic-resistant building practices has mitigated the potential for devastation," the company said in a statement issued late Saturday.
EQECAT said more than half of the damage total is expected to come from the state of Santiago, which includes the capital, which has a population of 5 million.
About 55% to 65% of the damage is believed to be to residential structures, with 20% to 30% done to commercial buildings and 15% to 20% done to industrial facilities, according to EQECAT.
The death toll from the quake stood at 708, Chilean President Michelle Backelet said Sunday, who added that she's certain the number will grow. 
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