Chile Records 1.2% Economic Growth in November 2023

In November 2023, Chile’s economy grew by 1.2% year-over-year, as reported by the Central Bank.

Finance Minister Mario Marcel remarked on this growth as a sign of leaving past instability behind. He anticipates a period of sustainable economic expansion.

The growth was largely due to increases in manufacturing and mining, which rose by 6.4% and 2.7%, respectively.

Other goods also contributed, with a 2.9% rise, driven by gains in electricity generation.

However, commercial activities saw a decline, falling 1.4% annually due to lower sales in the automotive and retail sectors.

In contrast, wholesale trade experienced growth, marked by increased machinery and equipment sales.

The services sector advanced by 1.2%, boosted by transportation. Despite this, business services showed a downturn.

The non-mining Imacec index, measuring broader economic activity, also reflected growth, rising 1% over the year.

Additionally, seasonally adjusted Imacec increased by 0.3% from October to November, achieving a 1.3% year-on-year growth.

The Central Bank’s Monetary Policy Report indicated no overall growth for Chile’s economy in 2023, revising a previous forecast of a slight decline.

Looking ahead, the Bank expects a rebound in 2024, with GDP growth projected between 1.25% and 2.25%.

This growth pattern highlights Chile’s recovery from past economic challenges, showing a shift towards more stable and sustained development.

The government’s optimism for the coming year reflects confidence in Chile’s economic trajectory.