Chile's economy shrinks 2.3% in Q4, but grows 2.4% in 2022 -central bank

Gross domestic product (GDP) also showed a 0.1% growth from the previous three months in seasonally adjusted terms, whereas economists had expected a 0.6% growth. "GDP increased marginally in the last quarter in comparison to the previous period, an increase led by an acceleration in mining and trade activities, an effect almost entirely offset by a drop in transportation," the central bank said.

Chile's economy shrunk 2.3% in the fourth quarter of 2022 from a year earlier, but still ended 2022 with a 2.4% growth, central bank data showed on Monday.

The market expected a 1.6% drop between October and December. At the annual level, "the result was led by services, particularly personal, business and transportation services. In contrast, the production of goods exhibited a decline, with mining and manufacturing having the greatest impact on this result," the country's central bank said.

"The growth of domestic demand in the first half of the year, driven by consumption, and its subsequent slowdown in the second half of the year, stood out", it said. Gross domestic product (GDP) also showed a 0.1% growth from the previous three months in seasonally adjusted terms, whereas economists had expected a 0.6% growth.

"GDP increased marginally in the last quarter in comparison to the previous period, an increase led by an acceleration in mining and trade activities, an effect almost entirely offset by a drop in transportation," the central bank said. Domestic demand plummeted by 7.6% in the final quarter of last year, but ended 2022 with an increase of 2.3%.

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