LatinNews Daily - 19 May 2022

In brief: Chile’s growth slows

* Chile’s central bank (BCCh) has released new figures which show that the country’s GDP grew 7.2% in the first quarter of 2022 compared with the same quarter in 2021. This follows year-on-year growth of 12.0% in the final quarter of 2021, 17.2% in the third quarter, 18.9% in the second and 0.0% growth in the first. The report noted that domestic demand grew by 13% in the first quarter of 2022 year-on-year, largely thanks to spending by household consumers. Figures show that economic activity was largely driven by the services sector, with personal services growing by 19.5% year-on-year, business services by 13.0%, and transport services by 21.5% in the first quarter. In contrast, mining, agriculture, forestry, and fishing activities all declined. In seasonally-adjusted terms, economic activity in Q1 was down 0.8% compared with the previous quarter. On 27 April the United Nations Economic Commission for Latin America & the Caribbean (Eclac) lowered its growth forecast for Chile for 2022 to 1.5%, down from its January estimate of 1.9%. This was in line with a drop in its growth forecast of 1.8% on average for Latin America and the Caribbean, down from 2.1% in January.

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