Chile: Economic activity gains momentum in February
April 7, 2014
In February, economic activity rose 2.9% over the same month last year according to the monthly indicator for economic activity (IMACEC). February's print marked the fastest growth rate since September 2013. The figure marked an improvement over the revised 1.6% increase tallied in January (previously reported: 1.4% year-on-year) and overshot the 2.3% rise the markets had expected. According to the Central Bank, the result mainly reflects an improvement in mining.
On a monthly basis, economic activity expanded 0.20%, which was below the 0.49% increase observed in January (previously reported: -0.55% month-on-month). Annual average growth in economic activity inched down from 3.7% in January to 3.6% in February.
The Central Bank expects the economy to grow within a range of 3.0% to 4.0% 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