Weekly Report - 03 March 2016 (WR-16-09)

CHILE | Spending cut. On 29 February Chile’s finance ministry announced that the government would be cutting spending by Cl$380bn (US$540m), or 1% of total budgeted spending for this year. In a statement the finance ministry explained that the spending cut was due to the fall in international copper prices, Chile’s main export, which has negatively impacted on government revenues. Indeed Finance Minister Rodrigo Valdés said that the fall in copper prices has led government economists to reduce this year’s GDP growth forecast from 2.75% to 2.0% and that the government had decided to take budgetary measures accordingly.

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