Chile GDP Growth Slightly Tops Forecasts

Chile's economy expanded by 4% year-on-year in the last quarter of 2024, marking the strongest growth since Q2 2022, following a downwardly revised 2% increase in Q3 and slightly exceeded market expectations of 3.7%.

The mining sector surged by 7.3%, significantly outperforming the 4.6% growth seen in Q3, while the non-mining sector grew by 3.7%, up from 1.9%.

Meanwhile, domestic demand rebounded (4.3% vs.

-0.2%), driven by a 2% rise in household spending (vs.

1%) and a recovery in investment (3.3% vs.

-0.8%), though public expenditure declined (-1.8% vs.

6.7%).

Additionally, both exports (9.2% vs.

7.3%) and imports (10.2% vs.

1.2%) accelerated.

On a quarterly basis, Chile’s GDP expanded by 0.4%, down from an upwardly revised 1.5% in Q3 and slightly below the expected 0.5%.

For the full year 2024, the economy grew by 2.6%, largely driven by strong export performance.