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Chile cenbank maintains growth forecast for 2018

4th December 2017

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SANTIAGO – Chile's central bank held its 2018 economic growth forecast of 2.5% to 3.5% on Monday, while revising downward slightly its forecast for inflation and leaving open the possibility for lowering interest rates.In its end-of-year IPoM economic report, the bank also predicted 2017 gross domestic product growth at 1.4%, its lowest level since a 2009 recession.

Inflation this year would close at 2.1% but is predicted to rise to 2.9% in 2018, the bank said in the report.

Central Bank President Mario Marcel said in a presentation to Chile's Senate that convergence of inflation toward the bank's target of 3% could be slower than anticipated amid gradual economic expansion as the mining industry in the world's top copper producer's begins to revive.

"These projections for the coming year are based on a favourable external scenario, the end of the housing and mining investment downturns, the absence of relevant macroeconomic imbalances, and a clearly expansionist monetary policy," Marcel said.

The bank predicted copper prices would reach an average of $2.95/lb in 2018, up from its prediction of $2.80/lb this year.

The anticipated increase in copper prices would boost the country's exports of the red metal by 9.6% from 2017, reaching $76.4-billion in 2018, the bank said.

Edited by Creamer Media Reporter

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