October is seventh consecutive month of economic growth in Chile

The monthly economic index indicates Chile’s economy grew 4.8 percent between October 2009 and 2010.

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The Monthly Index of Economic Activity (Imacec), released by Chile’s Central Bank, indicates 4.8 economic growth between October 2009 and 2010. October’s growth rate comes on the heels of six consecutive months of over five percent growth. Decreases in productivity in mining and fishing industries contributed to the lower growth rate, while industrial production was up 1.7 percent from last year.

This year, the month of October had one working day fewer than October 2009. According to Finance Minister Felipe Larraín, an additional workday for the month might have brought its growth index up by 0.7 percent to 5.5 percent, placing it within the range of the past six months, and higher than August’s 5.4 percent growth rate.

Though lower than projected growth rates for the month, economists do not expect a strong negative impact on overall economic growth for the year 2010. In recent months experts have projected roughly 5.5 percent growth for the 2010 fiscal year. Expected growth for the year will be somewhere between 5 and 5.5 percent.

According to a report in La Tercera, Minister Larraín says that the government maintains a long-term goal of 6 percent growth between the 2010 and 2013.

This post is also available in Spanish