Mixed news for Chilean economy

tony nguyen

A contraction in the mining sector has seen a general slowdown in the Chilean economy during the third quarter of 2011.

There was some good news though, as Gross Domestic Product (GDP) actually 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.”

Unusual weather patterns and a two week strike were put forward as the main reasons that the Chilean mining sector was disrupted so heavily during the period between July and September this year.

In contrast, the fisheries sector experienced significant growth during the same period, helping to offset the problems caused by the loss of productivity in the mining industry.

Overall output from the fisheries sector increased 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.

There was more mixed news in the projections set forward by the Government and the Central Bank regarding the immediate future of the national economy.

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.

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Mixed news for Chilean economy

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