Chile Economic Outlook
May 19, 2020
Incoming data suggests economic activity deteriorated in Q1 2020, as the measures to contain the spread of Covid-19 hammered the economy. The index of economic activity sank in March as business closures and social distancing hammered the non-mining economy, in turn pushing the unemployment rate to its highest point in almost a decade. In addition, plummeting global copper prices suppressed growth in the all-important mining sector and eroded merchandise exports in Q1. The recession is set to deepen in the second quarter, however, with record low consumer and business sentiment in April providing a hint of the magnitude of the crisis. Restrictions are set to continue curtailing consumption and investment in Q2, further stoking unemployment. Meanwhile, on 12 May the IMF looked poised to approve a preemptive two-year credit line of USD 23.8 billion to the Central Bank, to safeguard the economy against external shocks.Chile Economic Growth
The economy is poised to shrink this year as Covid-19 takes its toll. Consumer and capital spending are set to fall amid prolonged social distancing, while stifled external demand should hammer exports. Moreover, uncertainty surrounding the upcoming constitutional process may restrain the pace of economic recovery following the end of the pandemic. FocusEconomics panelists see GDP falling 3.2% in 2020, which is down 0.7 percentage points from last month’s forecast, and then rebounding by 4.0% in 2021.Chile Economy Data
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Chile Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 3.14 | -0.44 % | Dec 30 |
| Exchange Rate | 752.0 | 0.05 % | Jan 01 |
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Chile Economic News
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Chile: Consumer confidence grows gloomier in June
July 2, 2020
The Adimark GfK consumer confidence index fell to 20.3 points in June, from 21.2 points in May, marking a new record low in the survey’s history.
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Chile: Copper prices jump to five-month high in June
July 1, 2020
Average copper prices rose in June on the back of upbeat demand from China and supply-side concerns in large producing countries.
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Chile: Economic activity contracts at fastest rate on record in May
July 1, 2020
In May, the IMACEC economic activity index sank 15.3% on an annual basis (April: -14.1% year-on-year), marking the largest drop on record as the measures to curtail the spread of Covid-19 ravaged the economy.
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Chile: Business confidence picks up in June
June 30, 2020
Business confidence came in at 37.3 in June, up from May's 34.3.
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Chile: Central Bank leaves monetary policy rate at technical minimum and expands unconventional stimulus in June
June 16, 2020
At its monetary policy meeting on 16 June the board of the Central Bank of Chile (BCCh) left the monetary policy rate unchanged at 0.50%, its lowest point since 2009.
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