Chile Business Confidence Q4 2015


Chile: Businesses turn more pessimistic in Q4

February 3, 2016

In Q4, the mood among Chilean businesses deteriorated and dropped to the lowest level since the financial crisis. The business confidence index (IEE, Indice de Expectativas Empresariales) produced by the Santiago Chamber of Commerce (Camara de Comercio de Santiago) fell from Q3’s 49.8 points to 48.3 points in Q4, the lowest reading since Q4 2008. As a result of the decrease, the index rested below the 50-point threshold that separates optimism from pessimism for a second consecutive quarter.

According to the Santiago Chamber of Commerce, the decrease in Q4 mainly reflected a downward adjustment in businesses’ expectations for economic growth in the next years as well as uncertainties regarding future economic, political and institutional developments in Chile. On top of this, depressed commodity prices, currency depreciation, uncertainty surrounding China’s economy and the impact of low oil prices on the U.S. are also dragging on business sentiment.

Panelists participating in the LatinFocus Consensus Forecast expect fixed investment to drop 1.4% this year, which is unchanged from last month’s forecast. For 2017, the panel sees fixed investment to expand 3.1%.

Author: Teresa Kersting, Economist

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Chile Business Confidence Chart

Chile Business ConfidenceCCS Q4 2015

Note: Business Confidence Index (IEE, Indice de Expectativas Empresariales). Values above 50 indicate optimistic perception, below 50 indicate negative perception.
Source: Camera de Comercio de Santiago (CCS).

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