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LatinNews Regional Monitor: Brazil & Southern Cone - 20 July 2017

ECONOMIC OVERVIEW: CHILE

Growth forecast cut: On 10 July Chile’s finance minister, Rodrigo Valdés, announced that the Michelle Bachelet government has updated its growth projections for 2017 and is now forecasting that GDP will grow by 1.5% this year, down from the 2.25% forecast made in September 2016. Valdés said that economic activity has been impacted by the miners’ strikes (see sidebar), while the country has also had to deal with unforeseen issues such as widespread forest fires in the south earlier this year. Meanwhile the latest figures for the monthly economic activity index (Imacec), released by Chile’s central bank (BCCh) on 5 July, shows that there was a 1.3% increase in economic activity in May compared with the same month last year. The mining Imacec was down by 4.6%, while the non-mining Imacec was up by 1.9%.

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