LatinNews Daily - 19 March 2024

*Chile’s GDP grew by 0.2% in yearly terms in 2023, down from 2.1% in 2022, according to Chile’s central bank (BCCh). The growth was driven by “the positive contribution of EGA [electricity, gas, and water], personal services and transportation”, according to the BCCh, which cited trade as the “main downwards influence”. Commercial activity contracted 3.5%, which the BCCh primarily attributed to declines in retail and, to a lesser extent, the automotive industry. The BCCh also noted that “internal demand decreased by 4.2%, mainly influenced by a contraction in household consumption”. As for foreign trade, exports fell 0.3% in annual terms, while imports fell by 12%, which was attributed to lower imports of vehicles and fuels. Finance Minister Mario Marcel noted that Chile’s economy has been forecast to contract slightly in 2023, meaning the figures exceeded expectations. On social media, Chile’s finance ministry highlighted that the last two quarters of 2023 saw positive growth, stating that “everything indicates that with the figures we already know from January 2024, we are going to have a third consecutive quarter of growth for the economy”.