In the third quarter, GDP expanded 5.7% over the same quarter a year ago. The figure matched the revised expansion recorded in the second quarter (previously reported: +5.5% year-on-year), and overshot market expectations of a 5.4% rise. The stronger-than-expected growth figure came on the back of buoyant domestic demand, which compensated for a weaker external sector amid dampening global demand. Total consumption accelerated from a 5.1% increase in Q2 to a 5.9% expansion in Q3, owing to stronger private consumption (Q2: +5.4% yoy, Q3: +6.4% yoy). In addition, gross fixed investment accelerated to a robust 13.3% increase in the third quarter, up from the 9.0% expansion tallied in Q2. As a result, domestic demand expanded 8.0% in Q3, well above the 6.8% 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 contracted 3.4% in the third quarter, contrasting the 0.9% expansion seen in Q2. Meanwhile, imports decelerated slightly to a 2.5% expansion in the third quarter (Q2: +3.2% yoy). As a result, the external sector's net contribution to overall economic growth deteriorated from minus 1.0 percentage points in the second quarter to minus 2.5 percentage points in Q3. A quarter-on-quarter comparison, however, points to a slight deceleration in economic activity. According to seasonally adjusted figures, the economy expanded 1.4% in the third quarter, which was below the 2.0% increase recorded in Q2.
Economy remains strong on the back of buoyant domestic demand
November 19, 2012
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Chile GDP Chart
Note: Year-on-year changes of GDP in %.
Source: Chile Central Bank (BCC) and LatinFocus Consensus Forecast.
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).