The economy of Chile advanced 1.6 percent year-on-year in the first quarter of 2019, easing from a 3.6 percent expansion in the previous period and missing market expectations of 1.8 percent. It was the weakest growth rate since the second quarter of 2017, as mining; fishing and agricultural activity shrank. On a seasonally adjusted quarterly basis, the economy showed no growth, after expanding 1.3 percent in the prior quarter. GDP Annual Growth Rate in Chile averaged 3.80 percent from 1997 until 2019, reaching an all time high of 9.50 percent in the first quarter of 2011 and a record low of -3.90 percent in the second quarter of 1999.

GDP Annual Growth Rate in Chile is expected to be 2.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Chile to stand at 3.20 in 12 months time. In the long-term, the Chile GDP Annual Growth Rate is projected to trend around 3.30 percent in 2020, according to our econometric models.

Chile GDP Annual Growth Rate
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Calendar GMT Actual Previous Consensus TEForecast
2018-08-20 11:30 AM GDP Growth Rate YoY Q2 5.3% 4.3% 4% 5.0%
2018-11-19 11:30 AM GDP Growth Rate YoY Q3 2.8% 5.4% 2.9% 3.4%
2019-03-18 11:30 AM GDP Growth Rate YoY Q4 3.6% 2.6% 2.9% 3.3%
2019-05-20 12:30 PM GDP Growth Rate YoY Q1 1.6% 3.6% 1.8% 2%
2019-08-20 11:30 AM GDP Growth Rate YoY Q2 1.6% 2.5%
2019-11-19 11:30 AM GDP Growth Rate YoY Q3 3.3%



Chile Q1 GDP Growth Weakest in Nearly 2 Years

The economy of Chile advanced 1.6 percent year-on-year in the first quarter of 2019, easing from a 3.6 percent expansion in the previous period and missing market expectations of 1.8 percent. It was the weakest growth rate since the second quarter of 2017, as mining; fishing and agricultural activity shrank.

Year-on-year, both household consumption (3.2 percent from 3.6 percent in Q4) and fixed investment slowed (2.9 percent from 5.6 percent), of which investment in machinery and equipment (3.3 prcent from 12.1 percent). On the other hand, government spending increased 1.7 percent, faster than a 1.3 percent rise in the prior period. Net external demand contributed negatively to growth, as exports dropped 1.8 percent (vs 3.3 percent in Q4), mostly due to refined copper, other minerals and fruits while imports went up 2.3 percent (vs 6.6 percent in Q4), driven by iron and steel and petroleum.

On the production side, mining activity contracted 3.6 percent, after grewing 1.3 percent in the last quarter of 2018, mainly due to copper production (-2.7 percent from 1.9 percent). Also agriculture (-1.2 percent from 5.7 percent); fishing (-3.1 percent from 13.9 percent); and utilities (-0.6 percent from 4.2 percent) shrank. Additionally, slower growth was recorded in manufacturing  (0.9 percent from 3.6 percent), mainly due to food (0.5 percent from 5.6 percent), wood and furniture (-2.3 percent from 0.5 percent), and textiles, clothing, leather and footwear (-8.8 percent from -4.8 percent); construction (2.8 percent from 3.1 percent); internal trade (2.6 percent from 3.8 percent); restaurants & hotels (1.3 percent from 2.4 percent); transport (4.2 percent from 5.1 percent); communication and information (2.6 percent from 3.9 percent); financial services (5.8 percent from 6.0 percent); real estate (3.2 percent from 3.3 percent); and personal services (3.3 percent from 3.9 percent). Meanwhile, business (3.1 percent from 2.9 percent) and utilities (4.2 percent from 2.7 percent) advanced further. 

On a seasonally adjusted quarterly basis, the economy showed no growth, after expanding 1.3 percent in the prior quarter.


Banco Central de Chile | Stefanie Moya | stefanie.moya@tradingeconomics.com
5/20/2019 1:16:31 PM



Chile GDP Last Previous Highest Lowest Unit
GDP Growth Rate 0.00 1.30 4.30 -2.70 percent [+]
GDP Annual Growth Rate 1.60 3.60 9.50 -3.90 percent [+]
GDP 298.20 277.70 298.20 4.10 USD Billion [+]
GDP Constant Prices 38919.60 38928.55 38928.55 13802.00 CLP Billion [+]
Gross National Product 147343.25 141621.74 147343.25 66182.23 CLP Billion [+]
Gross Fixed Capital Formation 7631.42 9590.58 1486680.24 7233.43 CLP Billion [+]
GDP per capita 15130.20 14748.50 15130.20 3611.90 USD [+]
GDP per capita PPP 22873.81 22296.84 22873.81 8969.84 USD [+]
GDP From Agriculture 1942.03 1076.80 1980.91 193.80 CLP Billion [+]
GDP From Construction 2200.08 2871.59 2871.59 1102.60 CLP Billion [+]
GDP From Manufacturing 3973.55 4127.71 4127.71 1858.80 CLP Billion [+]
GDP From Mining 3622.50 4240.30 4240.30 2233.20 CLP Billion [+]
GDP From Public Administration 1759.77 1788.33 1788.33 721.60 CLP Billion [+]
GDP From Services 3617.31 3877.62 3897.07 2705.90 CLP Billion [+]
GDP From Transport 1970.16 2076.19 2076.19 708.90 CLP Billion [+]
GDP From Utilities 1066.08 1131.59 1131.59 532.40 CLP Billion [+]


Chile GDP Annual Growth Rate

The most important sector of Chilean economy is services. Trade, restaurants and hotels, transport, communications, financial and business services, real estate and personal services account for more than 56 percent of the GDP. Mining constitutes 13 percent of the output with copper representing the biggest part. Manufacturing creates 12 percent of the wealth and construction and water, gas and electricity distribution 11 percent. The government fuels 5 percent of the output and the agriculture and fishing sector accounts for the remaining 3 percent of GDP. This page provides - Chile GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Chile GDP Annual Growth Rate - actual data, historical chart and calendar of releases - was last updated on July of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
1.60 3.60 9.50 -3.90 1997 - 2019 percent Quarterly
2013=100




Country Last Previous
China 6.20 Jun/19
India 5.80 Mar/19
Indonesia 5.07 Mar/19
United States 3.20 Mar/19
Spain 2.40 Mar/19
Australia 1.80 Mar/19
United Kingdom 1.80 Mar/19
Netherlands 1.70 Mar/19
Saudi Arabia 1.70 Mar/19
South Korea 1.70 Mar/19
Switzerland 1.70 Mar/19
Canada 1.30 Mar/19
Euro Area 1.20 Mar/19
France 1.20 Mar/19
Mexico 1.20 Mar/19
Japan 0.90 Mar/19
Germany 0.70 Mar/19
Brazil 0.50 Mar/19
Russia 0.50 Mar/19
Singapore 0.10 Jun/19
South Africa 0.00 Mar/19
Italy -0.10 Mar/19
Turkey -2.60 Mar/19
Argentina -5.80 Mar/19


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