Economic review

Chile's economy grows at 5.9 pct in April, best performance since 2012

2018-06-06 04:40:13 (Beijing Time)


SANTIAGO, June 5 (Xinhua) -- Chile's economy grew by 5.9 percent in April, its best rate of expansion since 2012, the central bank said on Tuesday.

The growth was driven by the expansion in manufacturing, trade and services sectors, according to the bank.

This was also a positive year-on-year result since the Chilean economy contracted by 0.5 percent in April 2017.

Chile's key economic driver -- mining -- grew by 4.6 percent, helping the country beat growth expectations for the month, which had been set at 5.5 percent.

However, Finance Minister Felipe Larrain dismissed the expansion as being down to the mining sector alone.

"It is the non-mining sectors that are leading the growth," he said during a visit to a factory in Maipu, near Santiago.

These numbers contrast sharply with the country's performance in 2017, when it saw its worst GDP growth since 2009.

Chile has seen prolonged sluggish growth since 2013, largely due to the sustained low price of copper, its main export product.

Last week, the Organisation for Economic Co-operation and Development (OECD) raised its GDP prediction for the South American country in 2018 from 2.8 percent to 3.6 percent.