Chile: Economic activity stable in November
January 6, 2014
In November 2013, economic activity rose 2.8% over the same month of the previous year according to the monthly indicator for economic activity (IMACEC). The figure mirrored the 2.8% increase recorded in October but undershot the 3.3% expansion that markets had expected. According to the Central Bank, the result mainly reflects an improvement in the mining industry, which offset the deterioration registered in manufacturing.
On a monthly basis, economic activity rose a seasonally-adjusted 0.5%, which contrasted the 0.1% contraction recorded in October. Annual average growth in economic activity edged down from 4.5% in October to 4.3% in November.
The Central Bank expects the economy to grow within a range of 3.75% to 4.75% in 2014. LatinFocus Consensus Forecast panelists see the economy growing 4.1% in 2014, which is down 0.1 percentage points from last month's forecast. For 2015, the panel expects the economy to expand 4.4%.
Author: Dirina Mançellari, Senior Economist