In January, Chile witnessed a 2.5% economic upswing compared to the prior year, the highest since June 2022, propelled by services and goods.
The nation’s central bank announced this significant progress.
Finance Minister Mario Marcel Cullell highlighted the achievement, which surpassed the 0.1% growth markets had forecasted, promising a robust start to 2024.
Echoing Cullell, Economy Minister Nicolás Grau shared the optimistic projection for 2024’s economic expansion on social platforms.
Following a remarkable rise of 11.7% in 2021, the economy’s growth moderated to 2.4% in 2022.
The Imacec index, reflecting monthly economic activity, increased by 1.7% from December and 1.5% on a yearly basis.
Cullell noted broad sectoral growth, including in areas that had lagged. The Central Bank identified mining and services as key growth drivers.
The non-mining sector’s Imacec rose by 2.6% yearly and 1.1% monthly after adjustment.
Annual gains were seen in goods production (4.1%), commerce (3.7%), and services (1.9%).
On March 18, the Central Bank will update GDP forecasts for 2023 and revise previous years’ data.
In short, this growth highlights the resilience of Chile’s economy and the vital role various sectors play in its continued success.