Friday, December 9, 2022

Chile’s GDP grew a slight 0.3% year-on-year in the third quarter of the year

The Gross Domestic Product (GDP) of Chile increased by 0.3% in the third quarter of the year compared to the same period in 2021, according to data from the Quarterly National Accounts report prepared by the Central Bank of Chile.

Among the reasons for this slight growth, the 1.5% contraction in domestic demand stands out, in line with lower household consumption of goods. Specifically, private consumption fell by 2.8% year-on-year.

By activities, there was a better performance in the services sector, which in all its subcategories experienced increases, highlighting the 12.2% increase in transportation. On the contrary, mining reduced its activity by 4.9% and commerce, up to 9.6%. It is followed by the agricultural sector, which presented a decline of 2.1%.

Regarding foreign trade in goods and services, exports increased by 4.1% and imports fell 2.7%. In the first case, the result was mainly explained by the dynamism of exports of services, followed by shipments of goods. In the result of imports, the lower transactions of technological products and crude oil stood out.

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