Brazil & Southern Cone - June 2017 (ISSN 1741-4431)

Growth: The latest figures for the monthly economic activity index (Imacec) released by Chile’s central bank (BCCh) on 5 June, show a 0.1% increase in economic activity in April compared with the same month a year ago. The mining Imacec was down by 4%, while the non-mining Imacec was up by 0.4%. Also on 5 June, the BCCh announced that it was cutting its 2017 GDP growth forecast to 1%-1.75% from its previous (March) projection of 1%-2%. The BCCh attributes the downward revision to the “sharper than expected fall in mining output in the early months of the year…considering that the growth outlook for the other sectors has not changed materially”. Meanwhile the BCCh is forecasting growth of 2.5%-3.5% in 2018, up from the 2.25%-3.25% forecast made in March.

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