Chile: Economic activity decelerates in December
February 5, 2014
In December, economic activity rose 2.6% over the same month of the previous year according to the monthly indicator for economic activity (IMACEC). The figure was below the 2.8% increase recorded in November, but overshot the 2.4% rise the markets had expected. According to the Central Bank, the result mainly reflects an improvement in the mining industry, which offset the deterioration registered in manufacturing.
On a monthly basis, economic activity rose a seasonally-adjusted 0.8%, which was above the 0.5% expansion recorded in November. Annual average growth in economic activity edged down from 3.3% in November to 2.7% in December.
The Central Bank expects the economy to grow within a range of 3.75% to 4.75% in 2014. LatinFocus Consensus Forecast panelists see the economy growing 4.1% in 2014, which is down 0.1 percentage points from last month's forecast. For 2015, the panel expects the economy to expand 4.4%.
Author: Dirina Mançellari, Senior Economist