2024-03-23 01:22:38
Last year, the Gross Domestic Product (GDP) rose 0.2%, exceeding expectations.
The Chilean economy avoided recession in 2023 and achieved slight growthdespite forecasts that spoke of a contraction of the Monthly Economic Activity Index (Imacec) of -0.2%, as confirmed by the Central Bank.
Through its National Accounts report, the issuing institute detailed that during Last year the Gross Domestic Product (GDP) rose 0.2%.
Regarding this increase of four tenths with respect to expectations, the banking institution revealed that this situation “was explained, mainly, by the incorporation of information not available for previous estimatesand to the reconciliation process of the supply and use tables of the quarterly National Accounts.
The Central Bank report detailed that last year domestic demand showed a contraction of 4.2%, influenced by lower household consumption. This “decreased 5.2%, reflecting a drop in spending on non-durable goods and, to a lesser extent, durable goods“, detailed the text.
Meanwhile, the issuing institute pointed out that Investment fell 5.3% due to a deaccumulation of inventoriesreaching -0.8% of GDP.
Exports and imports
In terms of foreign trade, Both exports and imports of goods and services fell during 2023.
In the case of the first they had a drop of -0.3%, mainly due to lower shipments of goods, highlighting those of copper and wooden boards and panels. However, service exports increased.
In respect of The contraction observed in imports reached -12.0% and was mainly affected by the lower importation of goods, particularly vehicles and fuels.
In seasonally adjusted terms, “the GDP showed an acceleration in the last quarter of the year, mainly influenced by personal services and transportation activities. In contrast, mining activity fell in quarterly terms, partially offsetting the previous result“.