Chilean economy surpassed expectations for December 2011 growth

Mining, communications and retail sectors pushed the Chilean economy forward in December 2011.

The Chilean economy grew 5.3 percent in December 2011 over the same month in 2010, the Central Bank announced Monday, notably exceeding growth expectations of 3.9 percent.
The Central Bank’s monthly economic index, Imacec, attributed the positive numbers to growth in the mining, communications and retail sectors.
December 2011 had one less working day than December 2010, the index noted, adding weight to the greater-than-expected economic growth.
Minister of the Economy Pablo Longueira lauded the government for the growth figures, telling press that “the figure was not obtained by chance,” but was “the fruit of efforts by the government who took very important steps from early on for the country to recover economic growth.”
Economic activity in Chile also rose 1.3 percent over the month of November, the Central Bank said.
Year-on-year estimates for 2011 demonstrate total annual economic expansion of 6.3 percent compared to 2010, or 6.2 percent when adjusted for seasonal variation.
Industrial production grew 5.4 percent in 2011, Bloomberg reported, and Central Bank President Rodrigo Vergara said last week that retail sales growth remains robust. Last year Chile also posted record export numbers and record levels of foreign investment, both led by a strong copper industry.
Chile’s Monthly Index of Economic Activity (Imacec) brings together more than 90% of goods and services included in the Gross Domestic Product (GDP).
The GDP estimate for 2011, and updated versions of first, second and third quarter economic data, will be presented on March 19.