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COUNTRY INSIGHTS

Energy Reform
CHILE · Report · 09 Jun 2014

Recently the government announced its proposal for Energy Reform. The reform aims to develop “reliable, sustainable, inclusive and affordable energy, a diversified electric generation capacity, and higher levels of sovereignty in Chile´s energy requirements”. With a price above US$150 per MW per ...

It’s Getting Chilly
CHILE · Report · 23 May 2014

Executive Summary The perspectives for the economy in the short term are not catastrophic, but neither very encouraging. Investment has sharply decelerated, consumption growth is moderating, the labor market is deteriorating and inflation has increased. But record-low real interest rates, stro...

Shake, Shake, Shake, Señora…
CHILE · Report · 25 Apr 2014

Executive Summary Natural disasters have fallen upon Chileans in the past month: two consecutive earthquakes and a devastating fire. In spite of the undeniable human drama, the immediate negative economic effects are small, while the reconstruction efforts can become moderately simulative. ...

A Slowing Economy
CHILE · Report · 28 Mar 2014

Executive Summary Signs of moderation persist, pointing to an undeniable slowdown. According to the Central Bank, the monthly economic activity index (IMACEC) grew only 1.4% in twelve months in January, below market expectations. Meanwhile, the seasonally adjusted series fell 0.6% with respect to...

A Slowing Economy
CHILE · Report · 28 Mar 2014

Executive Summary Signs of moderation persist, pointing to an undeniable slowdown. According to the Central Bank, the monthly economic activity index (IMACEC) grew only 1.4% in twelve months in January, below market expectations. Meanwhile, the seasonally adjusted series fell 0.6% with respect to...

Looking Ahead to the New Political Season
CHILE · Report · 21 Jan 2014

Summer politics These are the last days of the Chilean political season, before senior politicians and their families repair to the country or the beach for the entire month of February. Before leaving for the holidays, the center-left is busy with the appointment of the new cabinet; the center-r...

Politics: A New Cycle of Reforms
CHILE · Report · 16 Dec 2013

Yesterday Michelle Bachelet, candidate of the coalition Nueva Mayoria, was elected President of Chile with a 62.16% of the preferences against a 37.83% of Evelyn Matthei. In the second round there was a significant reduction in participation compared to the first round. Under the newly implemente...

Bachelet is elected President
CHILE · In Brief · 15 Dec 2013

Today Michelle Bachelet was elected President of Chile with a 62.16% of the preferences against a 37.83% of Evelyn Matthei. The presidential election exhibited a significant reduction in participation compared to the first round. Under the newly implemented voluntary voting system, of the 13.6 mi...

Presidential Election: We Have a Second Round
CHILE · In Brief · 17 Nov 2013

Michelle Bachelet obtained a solid 47% of the votes this Sunday in the Presidential election. But this result is not enough to be elected president. She needed 50% (plus one) of the votes. In the second round, Bachelet will face Evelyn Matthei who obtained 25% of the preferences. Marco Enriquez c...

Entering a New Cycle?
CHILE · Report · 31 Oct 2013

Executive Summary After 20 months with no change in the monetary policy rate, the Central Bank decided it was time to deliver a cut. The Board of the Central Bank of Chile decided in October to reduce the monetary policy rate from 5.00% to 4.75%. The timing of the move came as a surprise. The exp...

2014 Budget Law Ready to be Sent to Congress
CHILE · In Brief · 30 Sep 2013

President Sebastián Piñera announced yesterday the main fiscal figures of the 2014 budget proposal. Public spending budget is expected to increase 3.9 percent in real terms in 2014 while structural fiscal deficit is expected to fall to 1% of GDP in 2014. The 2014 Budget Law will be sent today to ...

Monetary Policy Report Reinforces Previous Messages
CHILE · Report · 05 Sep 2013

In the Monetary Policy Report presented yesterday to Congress, the Central Bank reinforced the message that it has been providing over the past months. In particular, the Central Bank indicated that if the recent slowdown in GDP growth in the context of a weaker external impulse consolidates, the...

Waiting for Consumption to Decelerate
CHILE · Report · 30 Aug 2013

Executive Summary During the second quarter of 2013 the Chilean economy grew 4.1 percent yoy, accumulating a 4.3 percent increase in the first half of 2013. Seasonally adjusted GDP increased 0.5 percent in 2013Q2 with respect to the previous quarter, which confirm the signs of deceleration that e...

Chile: Parameters for the Construction of 2014 Fiscal Budget Released
CHILE · In Brief · 28 Aug 2013

The government announced today the assumptions for the long-term price of copper and for potential GDP to be used in the construction of 2014 Fiscal Budget. The two independent external committees in charge of generating the long-term price of copper and potential output assumptions respectively ...

No Fiscal Efforts in 2013
CHILE · Report · 22 Aug 2013

The government presented in Congress this month an update of its macroeconomic outlook for 2013 and its evaluation of the impact of this update on expected fiscal policy in 2013. Expected fiscal balance for 2013 was reduced from an initial fiscal deficit of 0.8% of GDP to one of 1.2% of GDP (note...

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