Last March, the Central Bank reported that in annual terms activity increased 0.2% last year, overcoming a decline.

This Monday the Central Bank published the report “National Accounts of Chile: Evolution of economic activity in the first quarter of 2024”.

There, it was detailed that in the first quarter of 2024, the gross domestic product (GDP) grew 2.3% compared to the same period of the previous year.

It was added that domestic demand, meanwhile, increased 2% reflecting greater consumption and investment.

“For their part, exports and imports of goods and services showed increases, with a net upward effect on GDP growth,” said the Central Bank.

Compared to the previous quarter, seasonally adjusted figures showed an acceleration of 1.9% in economic activity.

According to the report, from the perspective of origin, a large part of the activities exhibited positive figures; mining, EGA (energy, gas, water) and transportation presented the greatest upward incidences.

Meanwhile, business services, fishing and construction fell.

“In seasonally adjusted terms, the acceleration of GDP was supported by mining, commerce, transportation and business services activities,” said the issuing institute.

Chile overcomes setback in 2023

Last March, the Central Bank reported that in annual terms activity increased 0.2% last year, overcoming a decline.

2023 had three fewer business days than 2022, resulting in a calendar effect of -0.1 percentage points.

Domestic demand fell 4.2%, mainly affected by a contraction in household consumption.

And from the perspective of origin, the largest contributions to GDP growth were recorded in EGA (Electricity, gas, water and waste management activity), personal services and transportation.

“On the other hand, trade stood out mainly on the downside,” the Bank indicated.