Chile Economic Outlook
April 12, 2022
The economy recorded another double-digit annual expansion in Q4, spurred by surging consumer spending and fixed investment amid a falling unemployment rate and sizeable fiscal stimulus. However, the external sector detracted from the overall reading on booming imports. Turning to Q1, momentum appeared to slow notably due to tighter financial conditions, a surge in Covid-19 cases and higher inflation. Economic activity contracted month on month in February after flatlining in January, while through February the unemployment rate spiked and copper output plummeted, and business confidence slumped in March. In the wake of the Ukraine war, the government expanded a fund designed to stabilize domestic fuel prices. Moreover, in April the government presented its Chile Apoya plan, which extends some fiscal benefits and aims to further palliate the impact of higher international energy prices.Chile Economic Growth
GDP growth will wane notably in 2022 on a tough base effect, high inflation and interest rates, and uncertainty over the content of the new constitution weighing on investment. New Covid-19 variants, the war in Ukraine, a slowdown in China—the key export market—potential flare-ups in social unrest, and policy shifts under the new constitution are factors to watch. FocusEconomics panelists see GDP growing 2.3% in 2022, which is down 0.3 percentage points from last month’s forecast. In 2023, GDP is seen expanding 1.3%.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: Copper prices stay broadly stable in April, but dip in early May
May 11, 2022
Copper prices were roughly unchanged in April, coming in at USD 10,174 per ton on average, compared to March’s USD 10,231 per ton.
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Chile: Inflation comes in at highest level since August 1994 in April
May 6, 2022
Consumer prices increased 1.40% over the previous month in April, slowing down from March's 1.86% rise.
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Chile: Central Bank continues to hike aggressively in May
May 5, 2022
At its 5 May meeting, the board of the Central Bank of Chile (CBC) decided to hike the monetary policy rate by 125 basis points to 8.25%.
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Chile: Business confidence broadly unchanged in April
May 2, 2022
Business confidence was stable at 47.5 in April.
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Chile: Economic activity growth rises in March
May 2, 2022
Economic activity grew 7.2% compared to the same month of the previous year in March, which followed February's 6.8% increase and was above market expectations of 6.3% growth.
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