Chile Economic Activity September 2016

Chile

Chile: Economic activity moderates in September

In September, economic activity rose 1.4% from the same month last year, according to the monthly indicator for economic activity (IMACEC). The figure marked a deterioration from August’s 2.5% expansion, which had marked the fastest pace of growth in six months. It also fell below market expectations of a stronger 2.0% increase. According to the Central Bank, September’s deceleration mainly reflected a slump in the mining sector and a resilient performance in services and manufacturing.

On a monthly basis, economic activity in September grew 0.2% in seasonally-adjusted terms, coming in slightly below August’s 0.3% rise. The overall trend resumed its deterioration in September as annual average growth in economic activity dipped down to 1.7% from 1.8% in August. This marks the lowest result since April 2010.

The Central Bank sees GDP expanding between 1.50% and 2.00% this year. For next year, the Bank forecasts an expansion of between 1.75% and 2.75%. Panelists participating in the LatinFocus Consensus Forecast see the economy growing 1.7% in 2016, which is unchanged from last month’s forecast. For 2017, the panel expects the economy to pick up the pace and expand 2.1%, which is down 0.1 percentage points from last month’s estimate.


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Chile Economic Activity Chart


Chile Economic Activity September 2016 1

Note: Year-on-year changes and annual average growth rate in %.
Source: Chile Central Bank (BCC) and FocusEconomics calculations.


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