Chile’s Economic Activity Falls Less Than Forecast as Services Sector Remains Strong
- Economic activity dropped 0.1% on month, 2.1% on year in March
- Policymakers have signaled rates to stay high for longer
Photographer: Morten Anderson/Bloomberg
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Chile’s economy contracted less than forecast in March from the month earlier as service industries remained resilient, backing up the central bank’s insistence on keeping interest rates at an over 20-year high.
The Imacec index, a proxy for gross domestic product, fell 0.1% in the month, less than the -0.4% median estimate of analysts in a Bloomberg survey. From a year prior, activity declined 2.1%, more than the forecast of a 1.7% drop, the central bank reported on Tuesday.