Chile's Economy: Defying Expectations with Agricultural and Service Growth

Chile's GDP grew by 0.4% in Q4 2024, slightly below economists' 0.5% forecast, driven by services and agriculture, despite a mining sector dip. Annual growth was 2.6%, with exports as the primary driver, though internal demand grew 1.3%, according to the central bank.

In the last quarter of 2024, Chile's economy demonstrated resilience, recording a 0.4% uptick according to new central bank data, despite economists anticipating a slightly higher expansion of 0.5% in a Reuters poll.

The nation witnessed a 4.0% year-on-year growth in the fourth quarter, surpassing the 3.7% forecast by economists. This growth was fueled by robust services and agricultural sectors, which counterbalanced a decline in mining activity in the copper-rich country.

Throughout 2024, Chile's economic landscape expanded by 2.6%, primarily propelled by a surge in exports, while internal demand experienced a modest rise of 1.3%.

(With inputs from agencies.)