Chile Economic Activity January 2017


Chile: Economic activity surprises on the upside in January

March 6, 2017

Economic activity rose 1.7% in January compared to the same month of the previous year, according to the Monthly Indicator for Economic Activity (IMACEC) published by Chile’s Central Bank. January’s reading was up significantly from December’s 1.2%, and overshot market expectations for the second consecutive month. It should however be noted that January 2017 included one more working day than the same month of 2016. According to the Central Bank, growth was driven by a broad-based expansion in the mining, services and commercial sectors. Although economic activity has now risen uninterruptedly since October last year, this expansion is unlikely to have continued in February, due to disruption to copper production and the unfavorable base effects of last year’s leap year.

On a monthly basis, economic activity in January grew 0.4% in seasonally adjusted terms, a deterioration from December’s 1.0% (previously reported: +0.9% month-on-month). The overall trend in January was flat, with annual average growth in economic activity remaining flat at 1.5% in January.

The Central Bank sees GDP expanding between 1.5% and 2.5% in 2017. Panelists participating in the LatinFocus Consensus Forecast see the economy growing 2.0% in 2017, which is down 0.1 percentage points from last month’s forecast. For 2018, the panel expects the economy to pick up speed and expand 2.6%.

Author:, Economist

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Chile Economic Activity Chart

Chile Economic Activity January 2017

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

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