Chilean economy sees higher-than-expected growth in May

16:10, July 06, 2010      

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The Chilean economy saw a higher-than-expected growth of 7.1 percent in May, the stongest since June 2005, the latest Monthly Indicator of Economic Activity (Imacec) said Monday.

Economists had predicted a growth of 6 percent for May. In April, the Imacec was 4.6 percent, the report said.

The Central Bank of Chile announced Monday that the strong growth comes from the dynamism of sectors such as trade, retail and wholesale, transport and communications.

The growth of the Chilean economy is part of an expected rebound in economic activity and a gradual withdrawal of the monetary stimulus measure implemented by the previous Michelle Bachelet government to counter the global economic crisis.

The central bank raised the basic rate by 50 points to 1.0 percent recently, after keeping the key rate at a historic low of 0.50 for almost one year, in an attempt to prevent future inflationary pressures.

Experts believe that May's figures confirmed the economic recovery after the earthquake and tsunami on Feb. 27, and will exert pressure on the central bank to raise the basic interest rate by another 50 basis points in July.

For 2010, the central bank has forecast a GDP growth of between 4.0 and 5.0 percent.



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