The economy of Chile advanced 2.8 percent year-on-year in the third quarter of 2018, slower than an upwardly revised 5.4 percent expansion in the previous period which was the strongest increase since 2012. Figures came slightly below market expectations of a 2.9 percent advance, pointing to the slowest growth since the third quarter of 2017. Household consumption, government spending and exports increased at a softer pace. Among economic activities, weaker growth was widespread, and the mining sector contracted. GDP Annual Growth Rate in Chile averaged 3.82 percent from 1997 until 2018, reaching an all time high of 9.50 percent in the first quarter of 2011 and a record low of -3.90 percent in the second quarter of 1999.

GDP Annual Growth Rate in Chile is expected to be 3.30 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Chile to stand at 3.20 in 12 months time. In the long-term, the Chile GDP Annual Growth Rate is projected to trend around 3.20 percent in 2020, according to our econometric models.

Chile GDP Annual Growth Rate
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Calendar GMT Actual Previous Consensus TEForecast
2018-03-19 11:30 AM GDP Growth Rate YoY 3.3% 2.5% 2.9% 3.0%
2018-05-18 12:30 PM GDP Growth Rate YoY 4.2% 3.3% 4% 4.0%
2018-08-20 11:30 AM GDP Growth Rate YoY 5.3% 4.3% 4% 5.0%
2018-11-19 11:30 AM GDP Growth Rate YoY 2.8% 5.4% 2.9% 3.4%
2019-03-19 11:30 AM GDP Growth Rate YoY 3.30%
2019-05-17 12:30 PM GDP Growth Rate YoY 3.60%
2019-08-20 11:30 AM GDP Growth Rate YoY 3.40%



Chile GDP Grows 2.8% YoY in Q3, Lowest in a Year


The economy of Chile advanced 2.8 percent year-on-year in the third quarter of 2018, slower than an upwardly revised 5.4 percent expansion in the previous period which was the strongest increase since 2012. Figures came slightly below market expectations of a 2.9 percent advance, pointing to the slowest growth since the third quarter of 2017. Household consumption, government spending and exports increased at a softer pace. Among economic activities, weaker growth was widespread, and the mining sector contracted.

Year-on-year, both household consumption (3.8 percent vs 4.4 percent in Q2) and government spending (2.3 percent vs 3.5 percent) rose less. In contrast, fixed investment grew slightly faster (7.1 percent vs 7.0 percent), boosted by investment in machinery and equipment (11.8 percent vs 12.5 percent) and investment in construction (4.4 percent vs 3.8 percent). Also, net external demand contributed negatively to growth, as imports jumped 8.4 percent (vs 10.2 percent in Q2), amid higher purchases of metallic products, machinery and equipment; fuels and chemicals. At the same time, exports advanced at a softer clip (1.7 percent vs 7.5 percent in Q2), led by sales of food and fruits.

On the production side, output growth slowed in: internal trade (3.2 percent vs 8.4 percent in Q2); restaurants & hotels (1.8 percent vs 3.8 percent); transport (2.7 percent vs 4.9 percent); communication and information services (2.5 percent vs 3.8 percent); financial services (3.9 percent vs 4.8 percent); business services (3.0 percent vs 4.2 percent) and personal services (4.0 percent vs 4.3 percent). Also, the manufacturing sector expanded less (0.6 percent vs 7.7 percent), amid slowdowns in production of food (0.3 percent vs 9.1 percent), wood and furniture (0.6 percent vs 6.3 percent); non-metallic and basic metallic minerals (1.8 percent vs 6.5 percent). Meantime, weaker growth was recorded in construction (4.1 percent vs 4.6 percent); utilities (1.2 percent vs 5.0 percent); agriculture (7.5 percent vs 10.2 percent) and fishing (2.3 percent vs 11.2 percent). In addition, mining contracted (-2.7 percent vs 5.4 percent), led by declines in copper (-2.6 percent vs 5.4 percent) and other mining (-3.3 percent vs 4.6 percent). On the other hand, real estate activities continued to advance solidly (3.8 percent vs 3.4 percent).

On a seasonally adjusted quarterly basis, the Chilean GDP expanded 0.3 percent, compared to a 0.7 percent rise in the second quarter of 2018 and below market expectations of 0.4 percent. It is the weakest quarterly expansion since a 0.6 percent contraction in Q1 2017.


Banco Central de Chile | Luisa Carvalho | luisa.carvalho@tradingeconomics.com
11/19/2018 2:12:26 PM



Chile GDP Last Previous Highest Lowest Unit
GDP Growth Rate 0.30 0.70 4.30 -2.70 percent [+]
GDP Annual Growth Rate 2.80 5.40 9.50 -3.90 percent [+]
GDP 277.08 250.00 278.40 4.10 USD Billion [+]
GDP Constant Prices 38418.96 38317.40 38418.96 13802.00 CLP Billion [+]
Gross National Product 141633.98 141794.36 141794.36 66182.23 CLP Billion [+]
Gross Fixed Capital Formation 8213.91 8076.12 1486680.24 7348.67 CLP Billion [+]
GDP per capita 15059.53 14958.56 15059.53 3806.81 USD [+]
GDP per capita PPP 22767.04 22614.39 22767.04 8991.85 USD [+]
GDP From Agriculture 566.24 976.79 1984.19 193.80 CLP Billion [+]
GDP From Construction 2277.94 2297.72 2786.62 1102.60 CLP Billion [+]
GDP From Manufacturing 3669.00 4098.60 4098.60 1858.80 CLP Billion [+]
GDP From Mining 3790.71 3689.92 4135.49 2233.20 CLP Billion [+]
GDP From Public Administration 1762.46 1742.17 1762.46 721.60 CLP Billion [+]
GDP From Services 3639.71 3699.71 3884.35 2705.90 CLP Billion [+]
GDP From Transport 1921.57 1891.32 2666.14 708.90 CLP Billion [+]
GDP From Utilities 1008.97 1002.99 1095.75 532.40 CLP Billion [+]


Chile GDP Annual Growth Rate

The most important sector of Chilean economy is services. Trade, restaurants and hotels, transport, communications, financial and business services, real estate and personal services account for more than 56 percent of the GDP. Mining constitutes 13 percent of the output with copper representing the biggest part. Manufacturing creates 12 percent of the wealth and construction and water, gas and electricity distribution 11 percent. The government fuels 5 percent of the output and the agriculture and fishing sector accounts for the remaining 3 percent of GDP. This page provides - Chile GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Chile GDP Annual Growth Rate - actual data, historical chart and calendar of releases - was last updated on December of 2018.

Actual Previous Highest Lowest Dates Unit Frequency
2.80 5.40 9.50 -3.90 1997 - 2018 percent Quarterly
2013=100




Country Last Previous
India 7.10 Sep/18
China 6.50 Sep/18
Indonesia 5.17 Sep/18
United States 3.00 Sep/18
Australia 2.80 Sep/18
Mexico 2.50 Sep/18
Spain 2.50 Sep/18
Netherlands 2.40 Sep/18
Switzerland 2.40 Sep/18
Singapore 2.20 Sep/18
South Korea 2.00 Sep/18
Canada 1.90 Jun/18
Saudi Arabia 1.61 Jun/18
Euro Area 1.60 Sep/18
Turkey 1.60 Sep/18
United Kingdom 1.50 Sep/18
France 1.40 Sep/18
Brazil 1.30 Sep/18
Russia 1.30 Sep/18
Germany 1.10 Sep/18
South Africa 1.10 Sep/18
Italy 0.70 Sep/18
Japan 0.00 Sep/18
Argentina -4.20 Jun/18


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