Chile: Imacec at 2.7% YoY support additional upwards revision in GDP growth expectations of market consensus

The monthly economic activity increased 2.7%YoY in January, in line with market expectations and slightly below ours (+3.1% YoY). The result was mainly driven by positive contribution from mining activity but partially offset by declines in both wholesale commerce and new car sales. With this figure, we maintain our expectations of GDP growth in 2015 at 3.1%. Also, it reinforces a recovery characterized by significant contributions from natural resource sectors and fiscal expenditure, in a context of a persistent lack of private consumption and investment. The latter, supports our view of additional monetary stimulus during 2015.

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