Chile Economic Outlook
February 13, 2018The economy is kicking into a higher gear at the start of 2018. Economic activity in the closing months of 2017 exceeded expectations thanks to a stronger non-mining sector, while business confidence surged into positive territory in January for the first time in nearly four years. In addition, the construction sector finally returned to growth in November following 14 consecutive negative monthly readings. This bodes well for investment, as declining construction investment has been a consistent drag on GDP growth in recent quarters. Furthermore, prices for copper, a key export, rose further in January, which should boost the external sector. With the economic stars seemingly aligning in his favor, on 23 January president-elect Sebastian Piñera announced his cabinet, including several pro-business picks. Felipe Larraín Bascuñán will return as treasury minister—a post he occupied during Piñera’s first term—while economist and Econsult director José Ramón Valente will be economy minister.
Chile Economic GrowthGrowth is expected to rise notably this year thanks to a turnaround in investment, ongoing expansive monetary policy and higher wages which should boost private consumption. Strong global economic activity should also boost Chile’s external sector. However, the economy will remain vulnerable to fluctuations in global copper prices. FocusEconomics Consensus Forecast panelists see growth of 3.0% in 2018, up 0.1 percentage points from last month’s forecast, and 3.1% in 2019.
Chile Economy Data
5 years of Chile economic forecasts for more than 30 economic indicators.
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|Bond Yield||4.53||-0.44 %||Feb 14|
|Exchange Rate||593.9||0.05 %||Feb 14|
|Stock Market||28,025||-0.67 %||Feb 14|
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Chile Economic News
February 8, 2018
Consumer prices rose 0.5% in January compared to the prior month, up from a 0.1% month-on-month rise in December and substantially overshooting analysts’ expectations.
February 8, 2018
The Adimark GfK consumer confidence index (IPEC, Índice de Percepción de la Economía) dipped slightly from December’s multi-year high of 53.1 to 51.5 in January, ending a run of ten consecutive monthly increases.
February 7, 2018
President-elect Sebastián Piñera—head of the Chile Vamos coalition—presented the members of his cabinet on 23 January.
February 5, 2018
Economic activity rose 2.6% in December on an annual basis according to the Monthly Indicator for Economic Activity (IMACEC) published by Chile’s Central Bank, down from 3.2% in November but overshooting analysts’ expectations for the second straight month.
February 4, 2018
The business confidence index (IMCE, Indicador Mensual de Confianza Empresarial) published by ICARE and the Universidad Adolfo Ibáñez surged from 44.0 points in December to 53.8 points in January, moving into optimistic territory for the first time since March 2014.