LatinNews Daily - 07 September 2023

In brief: Chile’s central bank lowers GDP growth forecast

* Chile’s central bank (BCCh) has revised down its annual GDP growth forecast for 2023 from between -0.5% and 0.25% in its previous (June) forecast to between -0.5% and 0%. The BCCh noted that non-mining activity would resume positive quarterly variations from the end of the year, and then gradually approach a rate of expansion consistent with its potential level: 1.25-2.25% by 2024 and 2.0-3.0% by 2025. The latest estimates from the United Nations Economic Commission for Latin America and the Caribbean (Eclac) forecast that Chile’s GDP will contract by 0.3% in 2023. This is well below the average 1.2% GDP growth forecast for South America. However, Eclac forecasts growth of 1.8% for Chile in 2024, above the regional average of 1.2%. According to the BCCh, annual inflation will end the year at 4.3% and is expected to converge to the target range of 3% by the second half of 2024.

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