Chile Economic Activity February 2018


Chile: Economic growth surges in February but misses expectations

April 5, 2018

Economic activity rose 4.0% in February on an annual basis according to the Monthly Indicator for Economic Activity (IMACEC) published by Chile’s Central Bank, down from January’s downwardly revised 3.5% growth (previously reported: +3.9% yoy) and undershooting analysts’ expectations. However, February’s reading still meant the economy started 2018 on a robust footing.

Growth was underpinned by a surge in mining activity compared to the prior year. This was partly due to a favorable base effect, as workers at the Escondida copper mine—the world’s largest—were on strike in February last year. However, encouragingly, non-mining activity also rose at a solid pace, underpinned by the trade and services sectors. Economic activity rose 0.9% in February from a month earlier in seasonally-adjusted terms, up from January’s flat reading (previously reported: +0.8% month-on-month).

The Central Bank sees GDP expanding between 3.0% and 4.0% in 2018, and by between 3.3% and 4.3% in 2019. Panelists participating in the LatinFocus Consensus Forecast see the economy growing 3.1% in 2018 and 3.2% in 2019.

Author:, Economist

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Chile Economic Activity Chart

Chile Economic Activity February 2018

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

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