Good news! Chile projects economic growth of 0.3% in 2023

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Inspenet, May 11, 2023

The Chilean government forecasts economic growth of 0.3% for the country instead of the 0.7% contraction it had previously anticipated. As indicated in the Public Finance Report for the first quarter of 2023, the Executive has adjusted its estimates upwards due to the fact that domestic demand would fall less than expected and that a recovery process is already underway.

In addition, inflation is expected to reach 7.9%, exceeding the previous forecast of 7.3%. The government has also raised its forecast for the price of copper, the South American country’s top export, to an average of $3.85 a pound this year ($8,847 a tonne), from a previous estimate of $3.74.

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The Minister of Finance, Mario Marcel, has affirmed that these are slightly positive figures and that they reflect what should be the trajectory in the course of the year. “Therefore, if that level is maintained constant, if nothing grows for the rest of the year, a figure like this of growth of 0.3% for the year would already be validated,” Marcel said.

1792 crecimiento economico Chile shutterstock 2

Chile’s red gold shines brightly: government raises forecast for copper price

Chile is the world’s largest producer of copper and the increase in the price of copper could have a positive impact on the country’s economy.

The Chilean government also raised its forecast for the price of copper, the South American country’s main export, to an average of $3.85 a pound this year ($8,847 a tonne), from a previous estimate of $3.74.

According to the government, the adjustme