HomeTop Global NewsChile's Economy Grows 0.8% in First Quarter

Chile’s Economy Grows 0.8% in First Quarter

Data from Chile’s central bank released on Thursday showed that the country’s economy grew by 0.8% over the first quarter of 2023. This is the second consecutive quarter of growth for Chile in what has been a slow economic recovery after several major drops last year.

Chile’s economic growth fell marginally short of estimates, with a consensus of economists polled by Reuters forecasting a 1% growth for the South American nation from January to March.

Despite achieving a second positive quarter-on-quarter growth in a row, Chile’s economy shrunk 0.6% on a yearly basis compared to the first quarter of 2022.

The world’s largest copper producer, Chile faced a decline in its copper industry last year during the recovery from the Covid-19 pandemic. The slowdown followed an aggressive rise in inflation, with in turn prompted the nation’s central bank to enforce a strict monetary policy.

Optimistic forecasts by the central bank see the Chilean economy growing by 1% to 2% over the course of 2023, while the most bleak outlook would be a 0.5% contraction.

PCE Inflation Report Threatens to Delay Fed Rate Cuts

Investors are bracing for the release of the Personal Consumption Expenditures (PCE) report on Thursday, with markets concerned that hotter-than-expected inflation data could further...

U.S. Futures Decline Ahead of Inflation Report

Futures on the New York Stock Exchange declined on Wednesday ahead of a crucial inflation report that is expected to provide insight into the...

Stocks Hold Steady Ahead of Inflation Report

U.S. equities remained largely muted on Tuesday after reaching all-time highs as investors awaited the release of a crucial inflation report. The PCE index,...