Chile: Economic activity beats expectations again
March 5, 2013
In January, economic activity expanded 6.7% over the same month last year, according to the monthly indicator for economic activity (IMACEC). The reading represented an acceleration compared to the 4.7% expansion observed in December and exceeded market expectations of a 6.5% increase. According to the Central Bank, the monthly figure was driven by growth in mining, commerce and services.
On a monthly basis, economic activity expanded a seasonally adjusted 0.1% in January, which followed the 1.2% increase observed in December. Annual average growth in economic activity inched up from 5.6% in December to 5.7% in January.
In the latest Monetary Policy Report from December, the Central Bank sees economic growth ranging between 4.25% and 5.25% in 2013. LatinFocus Consensus Forecast panellists share this view and see economic activity growing 4.8% this year, which is up 0.1 percentage points from last month's forecast. For 2014, the panel expects the economy to expand 4.8%.