Chile’s Gross Domestic Product (GDP) grew 1.6% year-on-year in the second quarteraccording to data released Monday by the Central Bank.
Meanwhile, Seasonally adjusted GDP fell by 0.6% in the quarter compared to the previous quarter.
“From an expenditure perspective, gross domestic product (GDP) growth was supported by a higher level of exports. Domestic demand, on the other hand, fell by 1.4%, as a result of lower investment.”the agency said in its report.
“From the perspective of origin, GDP was driven mainly by mining, power generation, trade and transportation activities.“, he added.
Mining recorded a 5.5% increasemainly influenced by increased production of non-metallic minerals and copper.
“The increase observed in copper mining was in line with the start-up of a concentration plant and improved ore grades.”the bank said.
For its part, Investment fell by 8.7% while foreign trade showed mixed resultswith an increase in shipments and a decrease in imports.
The Chilean economy has been recovering after a strong adjustment it suffered following the rapid recovery which was achieved after the Covid-19 pandemic, which brought significant inflationary pressure.
The second quarter recorded one more business day than the previous year, with a calendar effect of 0.1 percentage points.
Meanwhile, the fall in the seasonally adjusted indicator was due to declines in miningbusiness services and manufacturing.
