Chile in good shape for 2012

Bank exchange rates are you being ripped off by your bank

As the year draws to a close, the Chilean economy appears to be in reasonable health according to recent reports.

A new report suggests that the country’s unemployment rate eased slightly in the period between September and November this year, while industrial output also rose by more than expected during the same period.

The positive reports have raised hopes that a planned interest rate cut by the Chilean Central Bank next month may now be delayed.

There was further good news with reports that the Gross Domestic Product (GDP) has expanded. The Chilean Central Bank issued an official statement on the national economy, saying that “GDP was boosted by all economic sectors, save mining, which showed a contradiction.”

Overall output from the fisheries sector increased as well, by 59.4% compared to the same period in 2010.

That particular industry is itself continuing to recover from a recent slump after a devastating virus caused problems for fish farms throughout the country.

The hospitality sector (including things like commerce and hotels) also grew during the third quarter of the year, adding to the good vibes.

The Central Bank has set 9 month accumulated GDP growth at 7%. This is slightly higher than the Government’s forecast of 6.5%. Only time will tell who has got their sums correct.

Overall though, the Chilean economy appears to be in pretty good shape heading into 2012. This is certainly true when compared to a number of their counterparts in Europe such as Italy and Portugal.

Transfer Money to Chile

If you are looking to invest in Chile, think carefully about how you will be transferring money to Chile. Foreign currency exchange rates quoted by banks are almost always worse than the exchange rates available through specialist currency dealers.

So if you are looking for the best way to send money abroad, be sure to compare the market before you buy your overseas currency.

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Chile in good shape for 2012

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