Chile: Economy steams ahead in February
April 7, 2011
In February, economic activity rose a robust 7.2% over the same month last year, according to the monthly indicator for economic activity (IMACEC, Indicador Mensual de Actividad Economica). The reading came in above the 6.8% expansion registered in January and overshot market expectations of economic activity growing a more moderate 5.9%. The February increase was mainly fuelled by a strong expansion in the commercial sector. However, a month-on-month comparison does not corroborate the acceleration suggested by the annual figures, as economic activity rose just 0.4% over the previous month in seasonally adjusted terms, following on a strong 1.0% increase in January. That said, the trend continues to point upwards, with annual average growth rising from 5.3% in January to 5.6%, which marks the fastest pace since December 2005. For this year, the Central Bank expects economic growth to range between 5.5% and 6.5%.