CHILE
Analysts
Robert Funk
Former President, Political Science Association
Igal Magendzo
Former Manager of Macro Analysis, Central Bank
Andrés Velasco
Former Finance MinisterDatabanks
Recent Country Insights
Mind the calm, not the gap
CHILE · Report · 26 Aug 2025
In June the IMACEC was up 3.1% y/y, but that figure overstates momentum: much of the improvement reflects base effects and one-offs. Underlying consumption trends remain closer to stagnation than expansion. Business sentiment is still stuck in pessimistic territory, consistent with the slow pace ...
Marcel resigns
CHILE · In Brief · 21 Aug 2025
Chile's Finance Minister, Mario Marcel, widely viewed as a guarantor of economic responsibility, resigned this morning. He claims to have made the move for personal reasons. The widely held view is that he may take up a position at the IMF. Others say he may join the Jara campaign, although this...
Baseline scenario confirmed: U.S. tariffs exclude Chilean copper inputs
CHILE · In Brief · 01 Aug 2025
According to the official White House communication, the new tariff package imposes a 50% ad valorem duty on imports of certain semi-fabricated copper products (e.g., tubes, wires, rods, and sheets) and copper-intensive downstream goods (such as pipe fittings, cables, connectors, and electrical c...
Steady as she goes
CHILE · Report · 15 Jul 2025
Despite the headline boost in May’s IMACEC, the underlying momentum remains soft. The y/y figures will likely stay high into June, due to favorable base effects. IMACEC’s consumption-related sectors and retail sales point to softening consumption dynamics. This is echoed in commerce sentiment. Wi...
Chile's presidential primaries: the specter of Communism
CHILE · In Brief · 29 Jun 2025
In the introduction to the Communist Manifesto, Karl Marx announced that “a spectre is haunting Europe”. Marx had designed Communism to be a threat to the established order, and by the time he wrote his treatise, the established order was worried. Because early Communism stuck to its revolutionar...
A tale of two realms: economic silence and political noise
CHILE · Report · 27 May 2025
The Chilean economy has grown rather uneventful. Macroeconomic data points to a balanced economy with limited growth potential. National accounts for Q1 2025 confirm that growth is mostly export-led, while investment remains weak. Gross fixed capital formation growth y/y was positive in Q1, but t...
Cherries, tourists, tariffs and expectations
CHILE · Report · 07 Apr 2025
A breeze of optimism has swept across Chile. According to the national accounts, GDP grew by 2.6% in 2024. Still, we are not revising our baseline 2% GDP growth forecast for 2025 just yet. Several factors prompt caution. First, statistical distortions have been at work. Second, some temporary dri...
Chilean presidential elections: Tohá in, Bachelet out
CHILE · In Brief · 09 Mar 2025
With the end of the antipodean summer comes the start of the school year in Chile. The days get shorter, traffic gets worse, and presidential candidates begin to position themselves. While on the center-right Evelyn Matthei has been a fairly official candidate – and has been leading in the polls ...
Spring shoots in autumn?
CHILE · Report · 18 Feb 2025 · 1 response
The economy appears to be gaining momentum. Three consecutive months of positive variation in the IMACEC marks a clear shift away from a prolonged period of stagnation, and supports the 2% growth being forecast for 2025. The economy now appears poised to expand at a pace closer to its potential. ...