Chile Economic Outlook
September 14, 2021The economy performed strongly in Q2, with GDP surging in annual terms and also recording a solid quarter-on-quarter expansion, aided by large fiscal stimulus, pension drawdowns, and firms and consumers being better adapted to lockdown measures. The year-on-year reading was the result of a broad-based improvement in private consumption, public spending and fixed investment. Turning to Q3, available signs are positive amid the loosening of Covid-19 restrictions. In July, economic activity growth was robust, the unemployment rate fell and consumer confidence surged, while business sentiment rose sharply through August. In other news, Congress is currently considering allowing citizens to withdraw a fourth tranche of their pension savings. While this would further fuel domestic demand in the near term, it could have negative implications for financial stability.
Chile Economic GrowthThe economy should recover rapidly this year, spurred by fiscal largesse, increased copper demand and the gradual removal of restrictions at home and abroad. However, new Covid-19 strains, labor disputes in the mining sector, and uncertainty over November’s general elections and the constituent process all cloud the outlook. FocusEconomics panelists see GDP growing 9.0% in 2021, which is up 1.3 percentage points from last month’s forecast. In 2022, GDP is seen expanding 3.0%.
Chile Economy Data
5 years of Chile economic forecasts for more than 30 economic indicators.
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|Bond Yield||3.14||-0.44 %||Dec 30|
|Exchange Rate||752.0||0.05 %||Jan 01|
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Chile Economic News
September 8, 2021
Consumer prices rose 0.40% in August over the previous month, coming in below July's 0.81% increase.
September 1, 2021
Copper prices dipped in August, coming in at USD 9,373 per ton on average, down from July’s USD 9,451 per ton and marking the third consecutive month of falling prices.
September 1, 2021
Economic activity expanded 18.1% in year-on-year terms in July, which followed June's 20.6% increase.
August 31, 2021
At its 31 August meeting, the board of the Central Bank of Chile decided to hike the monetary policy rate to 1.50% from 0.75%, following a 25 basis-point hike at the prior meeting in July.
August 30, 2021
Business confidence rose to 60.4 in August from July's 57.6.