Chile: Economic activity expands at slowest pace in nearly four years
May 3, 2014
In January, economic activity rose 1.4% over the same month last year according to the monthly indicator for economic activity (IMACEC). January's print marked the lowest growth rate since March 2010.The figure was a deterioration over the 2.6% rise recorded in December and undershot the 1.9% rise the markets had expected. According to the Central Bank, the result mainly reflects a deceleration in mining and in manufacturing. On a monthly basis, economic activity fell 0.55%, which contrasted the 0.74% expansion recorded in December. Annual average growth in economic activity fell from 4.0% in December to 3.6% in January. 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