Chile Economic Activity August 2016

Chile

Chile: Economic activity picks up in August

In August, economic activity rose 2.5% over the same month last year, according to the monthly indicator for economic activity (IMACEC). The figure marked an improvement over July’s tepid 0.5% expansion, which had marked the slowest pace of growth in nearly two years. It also exceeded market expectations of a slower 2.0% increase. According to the Central Bank, August’s acceleration mainly reflected a recovery in mining and gains in services and manufacturing.

On a monthly basis, economic activity in August grew 0.4% in seasonally-adjusted terms, coming in above July’s 0.1% rise. The overall trend stabilized as annual average growth in economic activity remained at July’s 1.8%, which had marked 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 2.2%.


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Chile Economic Activity Chart


Chile Economic Activity August 2016

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


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