September marks Chile’s sixth consecutive month of economic growth

According to Finance Minister Felipe Larraín, economic growth in September was due largely to investment with consumer spending growing substantially as well.

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Chile’s Monthly Index of Economic Activity (Imacec), which measures percent changes in economic growth between the same month of consecutive years, reported a 6.5 percent growth between September 2009 and 2010.

September is the sixth consecutive month of positive growth, with the last five averaging nearly 7 percent growth. In the last eleven months, only one has seen negative growth, a powerful indication of Chile’s robust economy over the past fiscal year.

September’s growth rate was likely affected by its having one working day less than the same month in 2009, possibly accounting for as much as a 0.6 percent change in the Imacec data.

According to a report in La Tercera, Felipe Larraín pointed to new investment as the primary cause of economic growth, though he said that consumer spending was also seeing considerable increases.

In the same report, Minister Larraín affirmed that these increases in consumer spending, though not responsible for the majority of economic growth in September, nevertheless indicate increased confidence amongst Chilean consumers. He described the month’s growth as “Symptomatic of people’s growing expectations.”

Continuing a six month trend of economic growth, September’s Imacec report points to further robust growth in the Chilean economy for the end of the 2010 fiscal year.

This post is also available in Spanish