Chile Sees Largest Q1 Growth in Five Years

The Chilean economy grew by 4.2% in the first quarter of 2018, the largest quarterly growth since 2013, the central bank announced. According to the institution, most sectors of the economy saw growth, especially mining, which climbed by 19.3% year-on-year, Chile News reported. The central bank also highlighted the growth of trade and personal services, while the fishing and forestry sectors both contracted. The central bank President Mario Marcel praised this robust economic growth and emphasized this was not a temporary trend. Marcel said that “the economy is entering a phase of larger growth but this growth must always be considered in the medium-term.” He added that “we have projected a growth range of between 3 and 4% for the whole of the year.” Chile has seen a long period of economic slowdown since 2013, largely due to sustained low prices of copper, its main export. For all of 2018, the International Monetary Fund and the Organization for Economic Cooperation and Development have projected GDP growth of 3% in Chile although the local government has estimated it will reach 4%.