Chile Economy

15 October 2020

GDP nosedived in Q2, logging the worst contraction on record as coronavirus containment measures pummeled household and capital spending. Turning to Q3, available data hints at subdued conditions. Consumer confidence deteriorated for the second month running in August, while the manufacturing PMI remained in contractionary territory in the same month. In addition, travel restrictions have obliterated the key tourism industry, which accounts for almost a fifth of GDP and employment, as tourism revenues plunged by over 80% year-on-year in July. Moreover

Chile News

Chile Financial Markets

MarketSymbolLastMomTrendExhRSI1D%1W%1M%1Y%
IPSA Select (IPSA)IPSA4274.2600.750.4533457.18411.8-0.47-11.76-0.10534
Chile Capped ETFECH28.2110.751.7668976.19333.3-2.01-18.84-0.05157
Chilean Peso US Dollar (CLP/USD)CLPUSD752.71-1-1-2.3361324.37491.022.248.1-0.08334
Chile 10-year bond yieldCL.10Y4.39-0.5-0.25-0.1040238.2568-6.4-0.2321.94-0.11041
Chile 2-year bond yieldCL.2Y2.1200.5-0.3491155.5391-7.0246.21194.44-0.72021
Chile Yield CurveCL.YC2.27-0.500.4441538.9199-5.81-23.05-20.910.79528
Chile Credit Default SwapsCDS.Chile66.5-1-0.75-0.9946736.80753.915.5629.130.09243

Chile Economy

GDP nosedived in Q2, logging the worst contraction on record as coronavirus containment measures pummeled household and capital spending. Turning to Q3, available data hints at subdued conditions. Consumer confidence deteriorated for the second month running in August, while the manufacturing PMI remained in contractionary territory in the same month. In addition, travel restrictions have obliterated the key tourism industry, which accounts for almost a fifth of GDP and employment, as tourism revenues plunged by over 80% year-on-year in July. Moreover

Economic Activity OverviewActualPreviousM/M%Y/Y%TrendSlopeZS5YUpdate
gdp growth annual0.3-9-1.03333-0.8846151.0-1.00.2333332020-11-30
unemployment rate1010.2-0.0196078-0.107143-1.0-1.00.01666672021-05-31
Business & Consumer Forecast OverviewActualPreviousM/M%Y/Y%TrendSlopeZS5YUpdate
Reserves & Outstanding DebtActualPreviousM/M%Y/Y%TrendSlopeZS5YUpdate
government debt to gdp3327.90.1827965.734691.01.002018-03-28
external debt2161842148490.006213670.0448771.01.00.4333332021-05-31
foreign exchange reserves44952.347953.1-0.06257780.205211.01.00.9833332021-06-30
gold reserves0.250.25001.0-1.00.5252019-04-01
TradeActualPreviousM/M%Y/Y%TrendSlopeZS5YUpdate
current account-1554503.177-4.088380.3761831.0-1.00.7166672020-11-30
current account to gdp1.4-3.9-1.35897-1.341461.01.002019-02-28
Monetary PolicyActualPreviousM/M%Y/Y%TrendSlopeZS5YUpdate
interest rate0.50.50-0.714286-1.0-1.00.1416672021-02-28
central bank balance sheet4953250282-0.01491591.163631.01.012021-03-31
money supply m21664291651500.007744470.07931311.01.00.5666672021-06-30
Fiscal PolicyActualPreviousM/M%Y/Y%TrendSlopeZS5YUpdate
Government budget-33472801411000-3.372270.222487-1.0-1.00.6166672021-05-31
government revenues29911506817230-0.5612371.70045-1.01.012021-05-31
fiscal expenditure633843054062300.1724310.6481781.01.012021-05-31

Chile Economic analysis

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GDP nosedived in Q2, logging the worst contraction on record as coronavirus containment measures pummeled household and capital spending. Turning to Q3, available data hints at subdued conditions. Consumer confidence deteriorated for the second month running in August, while the manufacturing PMI remained in contractionary territory in the same month. In addition, travel

Chile Business activity

GDP nosedived in Q2, logging the worst contraction on record as coronavirus containment measures pummeled household and capital spending. Turning to Q3, available data hints at subdued conditions. Consumer confidence deteriorated for the second month running in August, while the manufacturing PMI remained in contractionary territory in the same month. In addition, travel

Business ActivityActualPreviousM/M%Y/Y%TrendSlopeZS5YUpdate
business confidence54.3354.88-0.01002190.4565681.01.00.9333332021-06-30

Chile Consumer activity

GDP nosedived in Q2, logging the worst contraction on record as coronavirus containment measures pummeled household and capital spending. Turning to Q3, available data hints at subdued conditions. Consumer confidence deteriorated for the second month running in August, while the manufacturing PMI remained in contractionary territory in the same month. In addition, travel

Consumer ActivityActualPreviousM/M%Y/Y%TrendSlopeZS5YUpdate
total vehicle sales2724132511-0.1620992.058721.01.012021-04-30
consumer confidence24.929.2-0.147260.152778-1.01.00.7333332021-04-30

Chile Manufacturing activity

GDP nosedived in Q2, logging the worst contraction on record as coronavirus containment measures pummeled household and capital spending. Turning to Q3, available data hints at subdued conditions. Consumer confidence deteriorated for the second month running in August, while the manufacturing PMI remained in contractionary territory in the same month. In addition, travel

Manufacturing ActivityActualPreviousM/M%Y/Y%TrendSlopeZS5YUpdate
industrial production3.55-0.3-1.583331.01.00.5166672021-05-31
industrial production mom-1.30.1-14-0.5-1.01.00.7166672021-05-31

Chile GDP

GDP nosedived in Q2, logging the worst contraction on record as coronavirus containment measures pummeled household and capital spending. Turning to Q3, available data hints at subdued conditions. Consumer confidence deteriorated for the second month running in August, while the manufacturing PMI remained in contractionary territory in the same month. In addition, travel

ActualPreviousM/M%Y/Y%TrendSlopeZS5YUpdate
Real GDP38997.737780.60.03221490.02427411.01.00.06666672020-11-30
gdp growth annual0.3-9-1.03333-0.8846151.0-1.00.2333332020-11-30

Chile inflation

GDP nosedived in Q2, logging the worst contraction on record as coronavirus containment measures pummeled household and capital spending. Turning to Q3, available data hints at subdued conditions. Consumer confidence deteriorated for the second month running in August, while the manufacturing PMI remained in contractionary territory in the same month. In addition, travel

ActualPreviousM/M%Y/Y%TrendSlopeZS5YUpdate
core inflation rate3.12.80.1071430.476191.01.012021-05-31
consumer price index cpi108.88108.790.0008272820.03803991.01.00.752021-06-30
Producer Price Index155.98146.810.06246170.3440761.01.012021-05-31
PPI Index34.425.40.35433137.22221.01.012021-05-31

Chile Government Policy

GDP nosedived in Q2, logging the worst contraction on record as coronavirus containment measures pummeled household and capital spending. Turning to Q3, available data hints at subdued conditions. Consumer confidence deteriorated for the second month running in August, while the manufacturing PMI remained in contractionary territory in the same month. In addition, travel

ActualPreviousM/M%Y/Y%TrendSlopeZS5YUpdate
government budget-7.1-1.63.4375-2.48536-1.0-1.002019-02-28
Government budget-33472801411000-3.372270.222487-1.0-1.00.6166672021-05-31
government revenues29911506817230-0.5612371.70045-1.01.012021-05-31
fiscal expenditure633843054062300.1724310.6481781.01.012021-05-31

Chile Monetary Policy

GDP nosedived in Q2, logging the worst contraction on record as coronavirus containment measures pummeled household and capital spending. Turning to Q3, available data hints at subdued conditions. Consumer confidence deteriorated for the second month running in August, while the manufacturing PMI remained in contractionary territory in the same month. In addition, travel

ActualPreviousM/M%Y/Y%TrendSlopeZS5YUpdate
interest rate0.50.50-0.714286-1.0-1.00.1416672021-02-28
central bank balance sheet4953250282-0.01491591.163631.01.012021-03-31
money supply m179243.577008.40.02902410.5390911.01.00.8666672021-06-30
money supply m21664291651500.007744470.07931311.01.00.5666672021-06-30
money supply m32801472769250.01163490.05508021.01.00.152021-06-30

Chile Employment

GDP nosedived in Q2, logging the worst contraction on record as coronavirus containment measures pummeled household and capital spending. Turning to Q3, available data hints at subdued conditions. Consumer confidence deteriorated for the second month running in August, while the manufacturing PMI remained in contractionary territory in the same month. In addition, travel

ActualPreviousM/M%Y/Y%TrendSlopeZS5YUpdate
unemployment rate1010.2-0.0196078-0.107143-1.0-1.00.01666672021-05-31

Chile Trade & Capital Flows

GDP nosedived in Q2, logging the worst contraction on record as coronavirus containment measures pummeled household and capital spending. Turning to Q3, available data hints at subdued conditions. Consumer confidence deteriorated for the second month running in August, while the manufacturing PMI remained in contractionary territory in the same month. In addition, travel

ActualPreviousM/M%Y/Y%TrendSlopeZS5YUpdate
current account-1554503.177-4.088380.3761831.0-1.00.7166672020-11-30
current account to gdp1.4-3.9-1.35897-1.341461.01.002019-02-28
exports74457920-0.05997470.2150521.01.00.8166672021-06-30
imports63506606-0.03875260.617951.01.00.9833332021-06-30
balance of trade10951314-0.166667-0.502856-1.0-1.00.3833332021-06-30

Chile Reserves

GDP nosedived in Q2, logging the worst contraction on record as coronavirus containment measures pummeled household and capital spending. Turning to Q3, available data hints at subdued conditions. Consumer confidence deteriorated for the second month running in August, while the manufacturing PMI remained in contractionary territory in the same month. In addition, travel

ActualPreviousM/M%Y/Y%TrendSlopeZS5YUpdate
foreign exchange reserves44952.347953.1-0.06257780.205211.01.00.9833332021-06-30
gold reserves0.250.25001.0-1.00.5252019-04-01

Chile Debt

GDP nosedived in Q2, logging the worst contraction on record as coronavirus containment measures pummeled household and capital spending. Turning to Q3, available data hints at subdued conditions. Consumer confidence deteriorated for the second month running in August, while the manufacturing PMI remained in contractionary territory in the same month. In addition, travel

DebtActualPreviousM/M%Y/Y%TrendSlopeZS5YUpdate
government debt to gdp3327.90.1827965.734691.01.002018-03-28
external debt2161842148490.006213670.0448771.01.00.4333332021-05-31

Chile Banking activity

GDP nosedived in Q2, logging the worst contraction on record as coronavirus containment measures pummeled household and capital spending. Turning to Q3, available data hints at subdued conditions. Consumer confidence deteriorated for the second month running in August, while the manufacturing PMI remained in contractionary territory in the same month. In addition, travel

Fiscal PolicyActualPreviousM/M%Y/Y%TrendSlopeZS5YUpdate
interbank rate0.350.270.2962960.251.01.00.9666672021-06-01
deposit interest rate0.862.53-0.660079-0.88518-1.0-1.002020-01-01
bank lending rate5.194.80.081250.1331881.01.00.9666672021-06-30
loans to private sector1172291162920.0080573-0.0442613-1.0-1.00.01666672021-05-31
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