Chile: Economic activity accelerates in January
March 7, 2012
In January, economic activity expanded 5.5% over the same month last year, according to the monthly indicator for economic activity (IMACEC, Indicador Mensual de Actividad Economica). The reading came in above the 5.3% increase registered in December and overshot market expectations, which had economic activity moderating to 4.3%. According to the Central Bank, the January reading benefited from an extra working day and was driven by strong growth in retail, communications and transport. A month-on-month comparison showed that economic activity expanded 0.27% over the previous month in seasonally adjusted terms, which was well below the 1.27% increase witnessed in December. In addition, annual average growth inched down from 6.3% in December to 6.2% in January. The Central Bank expects the economy to expand between 3.75% and 4.75% this year.