LatinNews Daily - 06 June 2022

In brief: Chile’s growth slows

* Chile’s central bank (BCCh) has released new figures showing that the index of economic activity (Imacec), which serves as a proxy for GDP, grew by 6.9% year-on-year in April. In seasonally-adjusted monthly terms the Imacec was down 0.3% compared with March, while the year-on-year figure compares with 7.2% in March. The latest figures follow a monthly increase of 1.6% in March. In a statement, BCCh said that the changes are explained “mainly by the increase in services activity and to a lesser extent, trade.” Production of goods was down 4.7% year-on-year mainly as a result of a 9.3% contraction in mining. In April the United Nations Economic Commission for Latin America & the Caribbean (Eclac) lowered its 2022 growth forecast for Chile to 1.5%, down from its January estimate of 1.9%. This was in line with a drop in its growth forecast to 1.8% on average for Latin America and the Caribbean, down from 2.1% in January.

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