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Financial News: CHILE: GDP Grows 1.5% In 2017 Over The

CHILE: GDP Grows 1.5% In 2017 Over The Previous Year

03/19/2018 - 16:40:00 (RTTNews)

(RTTNews) - Chile's economic activity grew by 1.5% in 2017 over the previous year, said the South American country's central bank.

The monetary authority also revised the 2016 economic growth to 1.3%, from 1.6% in the previous reading, reason why the 2017 expansion was slightly higher than in the previous year.

The increase in the Chilean economy was widespread, with personal services and trade being the sectors with the greatest contribution to the result of the country's Gross Domestic Product (GDP). Meanwhile, the main adverse incidents came from business services, construction, and mining.

From the perspective of spending, GDP was driven by domestic demand, which effect was partially offset by the fall in net exports. Domestic demand grew 3.1%, driven by higher consumption and, to a lesser extent, by an inventory accumulation that reached a ratio of 0.5% of GDP.

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