Chilean economy hits new mark with 7.6% rise in August

Authorities lift annual growth forecasts to 5.1%, with an increase of 6.1% predicted for the coming season.

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The Chilean economy saw its largest expansion since 2004 this August with a rise of 7.6%, according to Chile’s Central Bank.

The result was attributed to an extra working day in August this year compared to 2009, and to strong performance in Retail, Wholesale, Transport and Industry.

The Chilean economy has now had five consecutive months with growth of more than 5%, and so the third quarter could close more than 7% up.

With these figures in hand, government authorities have raised their 2010 predictions to 5.1% and have estimated a growth of 6.1% for the coming season.

According to Finance Minister Felipe Larraín, “this constitutes a pattern of fairly steady recovery” due to “recuperation following the financial crisis, reconstruction after the February earthquake and a combination of economic policies and government expectations.”

The head of public finance added that approximately 200,000 jobs were created in Chile during 2010, and that inflation will lean towards 3% for this season and the next.