Chile’s monthly economy reading up 7.1% for July, with growth opportunities predicted

Finance Minister says the country “has not seen a growth as important as this since 1996”, stressing that the figure marks the fourth consecutive month of “robust growth” and the highest on record for the month of July since then.


The highest growth in 14 years took place during July 2010 as the Chilean economy expanded 7.1%, according to a report released this morning by the Central Bank of Chile’s Monthly Economic Activity Index (IMACEC)


President Sebastián Piñera said “the economy is expanding with strength and force, in a healthy and sustainable way, meaning we can anticipate that Chile be able to regain the leadership, dynamism and capacity for growth that our economy had lost”.


Felipe Larraín, Chile’s Finance Minister, saw the figures in the report as an important mark in the road to Chile’s full recovery from the earthquake which happened this February.


The secretary of state pointed out that the figure was higher than projected by market analysts who were expecting a figure of around 6.5%. Furthermore, given that July 2010 had one working day less than the same month of 2009 the growth rate could have been as high as 7.7%


Larraín said that this analysis puts him even more at ease that Chile will hit its targets of 5% growth this year.