Chile: Economic activity remains strong
February 5, 2013
In December, economic activity expanded 4.7% over the same month the previous year, according to the monthly indicator for economic activity (IMACEC). The reading represented a deceleration compared to the 5.5% expansion observed in November, but, nonetheless, exceeded market expectations of a 3.7% increase. The monthly figure was driven by growth in commerce and services, according to the Central Bank. In addition, the reading benefited from an extra working day compared to the same month the previous year. On a monthly basis, economic activity expanded a seasonally adjusted 1.20% in December, which followed the 1.34% increase observed in November. Annual average growth in economic activity eased from 5.8% in November to 5.6% in December. Based on monthly data, the economy expanded 5.6% in the last quarter of 2012, virtually unchanged from the 5.7% expansion recorded in the previous quarter. Detailed GDP figures for the fourth quarter will be released on 18 March.