Chile Economic Activity


Chile: Economic activity grows at slowest pace in more than four years

September 5, 2014

In July, economic activity rose a timid 0.9% over the same month a year before, according to the monthly indicator for economic activity (IMACEC). July’s print came in below the 1.1% increase recorded in June; however, it overshot the 0.4% rise the markets had expected. The figure marked the slowest increase since March 2010. According to the Central Bank, the result mainly reflected a slowdown in the manufacturing industry, wholesale trade and automobiles sales.

On a monthly basis, economic activity rose a seasonally-adjusted 0.5%, which contrasted the 0.8% decrease tallied in June. Annual average growth in economic activity fell from 3.0% in June to 2.6% in July, the lowest rate since May 2010, when the country was dealing with the aftermath of a devastating earthquake.

The Central Bank expects the economy to expand 4.1% in 2014. The Bank expects growth within a range of 2.5% to 3.5% in 2015. LatinFocus Consensus Forecast panelists see the economy growing 3.4% in 2014, which is unchanged from last month’s forecast. For 2015, the panel expects the economy to expand 4.2%.

Author:, Senior Economist

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Chile Economic Activity Chart

Chile Economic Activity July 2014

Note: Year-on-year changes and annual average growth rate in %.
Source: Chile Central Bank (BCC) and FocusEconomics calculations.

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