Chile: Economic activity stronger in April
June 7, 2013
In April, economic activity expanded 4.4% over the same month last year, according to the monthly indicator for economic activity (IMACEC). The reading represents an acceleration compared to the revised 3.0% expansion observed in March (previously reported: +3.1% year-on-year) but fell short of market expectations of a 5.0% increase. According to the Central Bank, the result was mostly due to healthy growth in the commercial sector.
On a monthly basis, economic activity rose 0.2% in April, following a revised 0.2% increase in March (previously reported: 0.0% month-on-month). Despite the acceleration recorded in April, annual average growth in economic activity remained stable at March's 5.3%.
In its latest Monetary Policy Report from March, the Central Bank sees economic growth ranging between 4.5% and 5.5% in 2013. LatinFocus Consensus Forecast panellists share this view and see the economy growing 4.8% this year, which is up 0.1 percentage points from last month's forecast. For 2014, the panel expects the economy to expand 4.8%.