In the fourth quarter of 2024, the increase was 4% compared to the same period of the previous year, above expectations.

The Chilean economy grew 4.0% in the fourth quarter of 2024 compared to the same period last year, above expectations, while posting a 2.6% expansion for the full year, the Central Bank reported Tuesday.

In seasonally adjusted terms, GDP rose 0.4% in the quarter compared to the previous three months.

The market had expected a 3.7% rise between October and December of last year, a 0.5% seasonally adjusted increase, according to a Reuters survey of economists.

"In seasonally adjusted terms, GDP accelerated in the last quarter of the year, driven primarily by service activities, particularly business activities, and other goods, with agricultural and forestry activity being the most prominent," the agency said in a report.

"In contrast, mining declined quarterly," he added.

Chile is the world's largest copper producer.

During the year, economic activity was driven primarily by exports. The bank said that 2024 saw one more business day and an additional day due to being a leap year, resulting in a calendar effect of 0.2 percentage points.

In December, the Central Bank had forecast a 2.3% expansion for 2024.

Domestic demand expanded 1.3% for the entire year, reflecting increased household and government consumption. In the quarter, it grew 4.3% year-over-year and 2.5% seasonally adjusted.

Exports grew 6.6% year-on-year and 9.2% quarter-on-quarter, the institute's report added.

Exports grew this year, driven by goods and, to a lesser extent, services. The former were influenced by shipments of copper, fruit (cherries and grapes), and pulp, and the latter by tourism and transportation services.

The bank also said it revised Chilean economic growth upward in 2023, from 0.2% to 0.5%.