Chile: Businesses turn pessimistic in Q3 for first time since financial crisis
November 17, 2015
In Q3, 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) deteriorated from Q2’s 52.3 points to 49.8 points in October, the lowest reading since Q4 2008. As a result of the decrease, the index dipped below the 50-point threshold that separates optimism from pessimism for the first time since Q3 2008.
According to the Santiago Chamber of Commerce, the decrease in Q3 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.