The Chilean economy continues to show signs of recovery. This Monday, the Central Bank reported that the Monthly Indicator of Economic Activity (Imacec) for February registered a growth of 4.5%. It is an expansion that has not been recorded in Chile since May 2022, when the index showed an increase of 5.1%, amid the unprecedented injection of liquidity into the economy as a result of the withdrawals of pension funds and government aid to the families in the context of the pandemic.
The Minister of Finance, Mario Marcel, said that the figure confirms that “we have entered a stage of economic expansion and it is a process that will continue throughout 2024.” The Secretary of State explained that “this Imacec shows that there is growth in all sectors, because before we had always had a lagging sector.”
According to the Central Bank, the increase in February – which was at the top of market expectations, which was betting on a figure between 2.5% and 5% – was driven mainly by mining activity, services and the rest of estate. Likewise, the increase in the Imacec in seasonally adjusted terms – which recorded an expansion of 0.8% compared to the previous month – was explained by all its components, but was mainly influenced by mining, services and industry.
The non-mining Imacec presented an increase of 3.5% in 12 months, while in seasonally adjusted terms it grew 0.6% compared to the previous month.
The February figure adds to that of last January when the Chilean economy grew 2.5%, confirming a consolidation of the recovery after a 2023 in which the South American country was close to falling into recession with a slight growth of 0. 2%.
“In general, they are positive figures that show that the economy is indeed going through a growth process that has been established. The inflection in economic activity occurred in July of last year. “We have been in the process of recovery and growth for eight months,” said Marcel, who assured that “2024 is going to be a year of greater growth than recent years.”
The head of the Treasury reiterated that so far the projection for this year is 2.5%, but added that in May his portfolio will announce the new Government estimates. “We are going to be as realistic as possible. In the past we have been realistic and we intend to continue doing so,” he said. The socialist added that regarding indicators that are still further behind, such as employment, “what one can expect are additional improvements in the coming months.” “The same in terms of remuneration.”
Along these lines, the Secretary of State announced that in the coming days he will send a bill to support reactivation and growth that will include additional measures in favor of construction, one of the sectors that has been hardest hit by the slow recovery. of the economy.
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