In the second quarter, GDP expanded 6.8% over the same quarter last year. While the figure was well below the revised 10.0% expansion recorded in the first quarter (previously reported: +9.8% year-on-year), it overshot market expectations of a 6.5% expansion. Total consumption decelerated from a 12.4% increase in Q1 to an 8.6% expansion in Q2, owing to weaker private consumption. Meanwhile, gross fixed investment decelerated notably from a 20.4% increase in the first quarter to an 11.3% expansion in the second. Despite the slowdown, domestic demand remained strong, expanding 9.4%. Meanwhile, the net contribution from the external sector to overall growth continues to improve. Exports of goods and services accelerated slightly from a 9.5% annual increase in the first quarter to a 10.2% expansion in Q2. In contrast, imports decelerated, expanding 14.8% in the second quarter (Q1: +21.2% year-on-year). As a result, the net contribution from the external sector to overall economic growth stepped up from minus 6.7 percentage points in the first quarter to minus 4.3 percentage points in the second. A quarter-on-quarter comparison corroborates the deceleration suggested by the annual figures, yet underscores the resilience of the Chilean economy. According to seasonally-adjusted figures, the economy expanded 1.39% over the previous quarter, only slightly below the 1.56% expansion in Q1. The Central Bank expects economic growth to range between 6.25% and 6.75% this year and between 4.25% and 5.25% in 2012. Finance Minister Felipe Larrain stated that the economy will expand around 6.5% this year, amid booming domestic demand, before expanding around 5% in 2012.
Economy slows in the second quarter but remains robust
August 18, 2011
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Chile Economic News
October 12, 2016
In September, the Adimark GfK consumer confidence index (IPEC, Índice de Percepción de la Economía) rose slightly, inching up from August’s record-low of 31.5 points to 33.4 points.
October 7, 2016
In September, consumer prices rose 0.2% over the previous month, which came in above August’s flat reading.
October 6, 2016
In Q3, the mood among Chilean businesses improved and reached the highest level in a year.
October 5, 2016
For a third consecutive month, the mood among Chilean businesses improved in September after it had fallen to the lowest level in over seven years in June.
October 5, 2016
In August, economic activity rose 2.5% over the same month last year, according to the monthly indicator for economic activity (IMACEC).