Chile Economic Activity January 2018


Chile: Economic activity surges in January

March 5, 2018

Economic activity rose 3.9% in January on an annual basis according to the Monthly Indicator for Economic Activity (IMACEC) published by Chile’s Central Bank, down from 3.2% in November but markedly overshooting analysts’ expectations for the third straight month.

Growth was underpinned by a solid showing in the mining sector, which expanded 8.6% year-on-year. This was likely influenced by higher copper production, which rose markedly compared to January 2017 according to the Statistical Institute. The non-mining sector also grew at a solid pace thanks to expansions in the services, trade and manufacturing sectors. Economic activity rose 0.8% in January from a month earlier in seasonally-adjusted terms, down from December’s revised 0.3% uptick (previously reported: +0.4% month-on-month).

The Central Bank sees GDP expanding between 2.5% and 3.5% in 2018. Panelists participating in the LatinFocus Consensus Forecast see the economy growing 3.0% in 2018 and 3.1% in 2019.

Author:, Economist

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Chile Economic Activity Chart

Chile Economic Activity January 2018

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

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