Chile Economic Outlook
November 10, 2020
The economy likely rebounded in Q3, after plunging in Q2 due to strict lockdown measures, and available indicators point to a further improvement at the beginning of Q4. Activity expanded month-on-month throughout Q3, benefiting from an improving performance in the non-mining sector. Moreover, retail sales expanded strongly in annual terms in August-September, which, coupled with rising consumer sentiment, suggests household spending started to recover. Moving to Q4, a further improvement in both business and consumer confidence points to firming activity. Meanwhile, in mid-October, Fitch Ratings downgraded Chile’s credit rating from A to A-, citing worsening public finances due to the pandemic and increasing social pressure. Meanwhile, later in the month, voters overwhelmingly backed a plan to rewrite the constitution, raising uncertainty over the scope of government intervention in the economy.Chile Economic Growth
The economy is seen contracting at a marked pace this year, before rebounding in 2021. A sizable recovery in domestic demand, helped by supportive fiscal and monetary policy measures and the gradual reopening of the global economy, will underpin growth. That said, political uncertainty and possible further waves of the virus cloud the outlook. FocusEconomics panelists see GDP growing 4.9% in 2021, which is up 0.1 percentage points from last month’s forecast. In 2022, GDP is seen expanding 3.4%.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: Central Bank delivers first rate hike since the pandemic began in July
July 20, 2021
At its 13–14 July meeting, the board of the Central Bank of Chile decided to hike the monetary policy rate to 0.75% from 0.50%, which had previously marked its lowest point since 2009. A stronger-than-expected performance of the economy and mounting inflationary pressures were behind the Bank’s move.
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Chile: Copper prices fall in June
July 12, 2021
Copper prices took a hit in June, coming in at USD 9631.5 per ton on average, down from May’s USD 10150.2 per ton.
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Chile: Inflation rises further in June
July 9, 2021
Consumer prices increased a seasonally-adjusted 0.08% in June over the previous month, following the 0.27% rise seen in May.
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Chile: Business confidence dips in June
July 1, 2021
Business confidence dipped to 54.3 in June from May's 54.9.
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Chile: Economic activity grows at record pace in May on low base effect
July 1, 2021
Economic activity rose 18.1% in year-on-year terms in May, which followed April's 14.0% increase.
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