GDP in Chile
Chile - GDP
Growth accelerates in Q4 2018
According to comprehensive data released by the Central Bank, the economy grew 3.6% year-on-year in the fourth quarter, accelerating from a revised 2.6% increase in the third quarter (previously reported: +2.8% yoy). Notably, a rebound in mining activities fueled growth through the quarter. In annual terms, the economy expanded 4.0% in 2018, matching analysts’ expectations and substantially above 2017’s 1.3% upturn.
Despite the stronger headline reading, growth in domestic demand was only marginally above the previous quarter (Q4: +4.5% yoy; Q3: +4.4% yoy; previously reported: +4.6% yoy). Notably, fixed investment led the uptick, increasing 5.6% in Q4, from a downwardly revised 4.9% in the quarter prior (previously reported: +7.1% yoy). Increased investment in machinery and equipment led the expansion. On the other hand, household spending lost its stride, decelerating from a revised 4.1% in Q3 (previously reported: +3.8% yoy), to 3.6% in the last quarter of 2018. Lastly, government spending logged 1.3% in Q4, slowing from Q3’s revised 1.9% (previously reported: +2.3% yoy).
On the external front, exports gathered momentum in Q4, increasing 3.3% from a revised 1.3% a quarter prior (previously reported: +1.7% yoy). In contrast, imports decelerated to 6.6% on an annual basis, after the revised 8.0% acceleration in Q3 (previously reported: +8.4% yoy).
Looking at the industry-level performance, the fourth-quarter upturn was supported by a rebound within the mining economy. Mining GDP rose 1.3% annually in Q4, following a revised 1.9% contraction in the previous quarter (previously reported: -2.7% yoy), amid higher copper output. In addition, non-mining GDP climbed 3.7%, from a revised 2.9% increase in Q3 (previously reported: +3.2% yoy).
On a quarter-on-quarter basis, GDP rose a seasonally adjusted 1.3%, up from Q3’s 0.2% quarter-on-quarter rise.
The Central Bank sees GDP expanding between 3.3% and 4.3% this year and between 2.8% and 3.8% in 2020. FocusEconomics panelists, meanwhile, are slightly less optimistic and project growth of 3.3% in 2019, which is unchanged from last month forecast, and 3.1% in 2020.
Chile - GDP Data
|Economic Growth (GDP, annual variation in %)||4.0||1.8||2.3||1.3||1.5|
5 years of economic forecasts for more than 30 economic indicators.
Chile GDP Chart
Source: Chile Central Bank and FocusEconomics calculations.
|Bond Yield||4.55||-0.44 %||Jan 30|
|Exchange Rate||663.9||0.05 %||Jan 30|
|Stock Market||27,203||-0.67 %||Jan 30|
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April 1, 2019
On the heels of February’s bull-run, copper prices held onto the previous month’s gains through March.
March 30, 2019
At its 30 March monetary policy meeting, the Board of the Central Bank of Chile (BCCh) voted unanimously to leave the key policy rate unchanged at 3.00%, amid weaker-than-expected inflation.
March 29, 2019
The Adimark GfK consumer confidence index slid to 42.3 points in March, from 46.3 points in February.
March 29, 2019
The business confidence index (IMCE, Indicador Mensual de Confianza Empresarial) published by ICARE and the Adolfo Ibáñez University edged down to 54.0 points in March, from the 54.2 points recorded in February.
March 18, 2019
According to comprehensive data released by the Central Bank, the economy grew 3.6% year-on-year in the fourth quarter, accelerating from a revised 2.6% increase in the third quarter (previously reported: +2.8% yoy).