2014 Budget Law Ready to be Sent to Congress
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 Congress. The expected increase in government spending for 2014 is below the average government spending growth in recent years. This is consistent with a relatively lower incidence of copper revenues due to the fact that expected long-term copper prices have started to decrease.