Chile’s economy showed a 4% growth in Q4 2024, surpassing forecasts. The mining sector surged by 7.3%, and domestic demand rebounded significantly. Exports and imports accelerated, but quarterly growth slowed to 0.4%. Overall, the economy grew by 2.6% in 2024, boosted by exports.
In the last quarter of 2024, Chile’s economy experienced a 4% year-on-year growth, marking its highest increase since Q2 2022. This growth surpassed the revised Q3 increase of 2% and outperformed market forecasts of 3.7%.
The mining sector significantly contributed to this expansion with a remarkable 7.3% growth, compared to a 4.6% increase in Q3. Simultaneously, the non-mining sector recorded a growth rate of 3.7%, rebounding from 1.9% previously.
Domestic demand also showed signs of recovery, growing by 4.3%, reversing a previous decline of -0.2%. Household spending rose by 2%, up from 1%, and investments increased by 3.3% versus a prior -0.8%. However, public expenditure decreased by -1.8%, contrasting sharply with the 6.7% growth seen earlier.
Both exports and imports picked up pace, with exports expanding by 9.2% compared to 7.3% in Q3, while imports surged by 10.2% from a mere 1.2%.
On a quarterly basis, Chile’s GDP saw a 0.4% increase, a decrease from the revised 1.5% growth in Q3 and slightly below the expected 0.5%. For the entire year of 2024, the economy grew 2.6%, primarily driven by robust export activities.
Chile’s GDP growth in Q4 2024 reached 4%, exceeding expectations driven by a strong mining sector. Domestic demand showed significant recovery, while both exports and imports accelerated. Quarterly growth slowed to 0.4% from the previous quarter, but the overall yearly increase of 2.6% highlights a positive economic outlook fueled by exports.
Original Source: www.tradingview.com
