In the third quarter of 2023, Chile’s economy saw a 0.6% growth compared to the same period in the previous year.
On Monday, the Central Bank announced this as the first increase of the year. The “National Quarterly Accounts” report was the source of this information.
It showed that Chile’s Gross Domestic Product (GDP) rose mainly from mining, personal services, and sectors dealing with electricity, gas, water, and waste management.
The report also pointed out drops in other areas. These include trade, business services, transport, and manufacturing.
Looking at spending, a rise in net exports mainly drove economic activity. This had the biggest impact on boosting the GDP.
Imports, on the other hand, saw a decrease of 10.9%. A lower demand within the country offset this.
Household spending also went down by 3.6%. People spent less on both short-lasting and long-lasting goods.
Exports slightly increased by 0.2% during this period. There were more shipments of chemicals, cellulose, fruits, and tourism services.
But, exports like copper, lithium, wood, and wine saw declines.
The country’s overall investment and gross fixed capital formation dropped, particularly in machinery and equipment.
Lastly, the Central Bank updated GDP figures for the first and second quarters.
The first quarter’s GDP improved from -0.8% to -0.7%. The second quarter’s GDP went from -1.1% to -0.8%.
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