Brazil & Southern Cone - January 2015 (ISSN 1741-4431)

Cutting growth forecasts (again): In a consensus report released by Chile’s central bank (BCCH) on 12 January, private economists forecast real annual GDP growth of 2.6% in 2015, down one percentage point on their December 2014 consensus forecast. In its 15 December 2014 quarterly monetary policy report, the BCCH estimated growth in 2014 at 1.7%, down from its September forecast of 1.75%-2.25%. According to the latest BCCH’s economic activity indicator index (Imacec), published on 5 January, economic output rose 1.3% year on year in November 2014, with a 12-month rolling rate of 1.6%. The bank said that the result “reflected mainly the higher value added from services, which was partly offset by the drop in mining, manufacturing, and retail trade activity”.