Chilean economy grows 5.4 pct in 2nd quarter-Xinhua

Chilean economy grows 5.4 pct in 2nd quarter

Source: Xinhua

Editor: huaxia

2022-08-19 05:10:15

SANTIAGO, Aug. 18 (Xinhua) -- The Chilean economy grew 5.4 percent year on year in the second quarter of 2022, lower than the corrected growth of 7.4 percent in the first quarter, the Central Bank of Chile announced Thursday.

According to the bank's Quarterly National Accounts report, the country's domestic demand increased by 8.7 percent, although it showed a slowdown from the previous period.

The rise was mainly driven by household consumption, with an increase in spending of 7.7 percent, particularly in services and non-durable goods, and to a lesser extent by investment and inventory accumulation.

In terms of foreign trade, net exports of goods and services decreased by 0.3 percent as a result of lower copper shipments, while there was a 10.9 percent increase in imports, with higher purchases of chemicals, fuels and clothing.

Mining, along with the agriculture, livestock and forestry sector, showed negative numbers.

Meanwhile, the non-mining gross domestic product grew by 7 percent compared to the same quarter of 2021, while in seasonally adjusted terms, it decreased by 0.5 percent.

Chile's economic activity in the second quarter of 2022 did not vary from the previous quarter, after seasonal and calendar effects were taken into account, the Central Bank said.