Weekly Report - 9 November 2004

CHILE | Growth outlook. Economic activity in September grew by 7.7% year-on-year, the highest rate for the month since December 1997. This takes the rate for the third quarter up to an estimated 6.5% (the actual figure is to be released on 23 November). Finance minister Nicolás Eyzaguirre has taken the news as his cue to raise the official growth forecast for this year to 5.5%. 'Nothing,' he said last week, 'leads me to believe that the third quarter will be weaker [...] We can state that the reactivation has been fully consolidated: we are in a period of strong growth, with stupendous future prospects.' The central bank's survey of private-sector expectations shows that this optimism is shared: the consensus forecast for this year is 5.4%, up from 5.2%.

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