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Chile Economic Activity October 2023

Chile: Economic activity is muted in October

Economic activity grew 0.3% year on year in October (September: +0.3% yoy), slightly below market expectations. A sharp fall in mining output was more than offset by growth in the non-mining sector.

On a seasonally adjusted monthly basis, economic activity fell 0.1% in October (September: +0.6% mom). Meanwhile, the trend improved slightly, with the annual average variation of economic activity coming in at minus 0.7%, up from September’s minus 0.8% reading.

Despite the soft October data, the Consensus among our panelists is still for accelerations in yearly and quarter-on-quarter GDP growth over Q4 as a whole.

On the near-term outlook, Goldman Sachs’ Sergio Armella said:

“All in all, we expect the downward adjustment of the economy to be mostly behind us and, going forward, we anticipate growth to continue. Growth, however, should remain below potential due to headwinds from a still restrictive monetary stance and renewed domestic policy uncertainty.”

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