Chile Economic Activity

Chile

Chile: Economic activity picks up slightly in October

December 5, 2014

In October, economic activity rose 1.5% over the same month last year, according to the monthly indicator for economic activity (IMACEC). The figure came in above the 1.4% increase tallied in September and marked a slight acceleration over the 1.4% increase the markets had expected. October’s increase marked the fastest growth pace in five months. According to the Central Bank, the result mainly reflected an acceleration in services, which was partly offset by a decline in activity in mining and retail.

On a monthly basis, economic activity rose a seasonally-adjusted 0.4% in October, which contrasted the 0.2% decrease tallied in September. Annual average growth in economic activity ticked down from 2.0% in September to 1.9% in October and marked the lowest rate since May 2010 when the country was dealing with the aftermath of a devastating earthquake.

The government expects GDP to grow 2.0% this year and it projects the economy to pick up next year and grow 3.6% mainly due to the increase in public spending. LatinFocus Consensus Forecast panelists see the economy growing 2.0% in 2014, which is down 0.1 percentage points from last month’s forecast. For 2015, the panel expects the economy to pick up the pace and expand 3.2%, which is down 0.2 percentage points from last month’s estimate.


Author:, Senior Economist

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Chile Economic Activity October 2014 0

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


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