In the second quarter, GDP expanded 5.5% over the same quarter a year ago. The figure came in above the 5.3% expansion recorded in the first quarter and was broadly in line with market expectations. The acceleration came on the back a stronger domestic demand, which more than compensated for a deterioration in the external sector amid weaker global demand. Total consumption accelerated from a 4.4% increase in Q1 to a 5.3% expansion in Q2, owing to stronger private consumption (Q1: +4.9% year-on-year, Q2: +5.5% yoy). In addition, gross fixed investment accelerated to a robust 8.0% increase in the second quarter, up from a 7.6% expansion in the second. As a result, domestic demand expanded 7.1% in Q2, well above the 4.5% increase seen in the previous quarter. Meanwhile, the external sector's net contribution to overall growth deteriorated as imports outpaced exports. Exports of goods and services decelerated from a 5.6% annual increase in the first quarter to a 1.2% expansion in Q2. In contrast, imports accelerated, expanding 5.2% in the second quarter (Q1: +3.6% yoy). As a result, the external sector's net contribution to overall economic growth swung from plus 0.6 percentage points in the first quarter to minus 1.8 percentage points. A quarter-on-quarter comparison corroborates the acceleration suggested by the annual figures. According to seasonally adjusted figures, the economy expanded 1.7% in the second quarter, which was above the 1.3% increase recorded in Q1. The Central Bank recently raised its 2012 GDP growth forecast to between 4.75% and 5.25%, up from its previous 4.0% to 5.0% range.
Economy remains robust in Q2
August 20, 2012
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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).