Chile’s economy expanded 17.2% in the third quarter of 2021 over the same period last year, the Chilean central bank said on Thursday (18) supported by a rapid vaccination campaign, low bases for comparison with the previous year and government spending that boosted activity in the country.
In the period from July to September, the economy grew 4.9% compared to the previous quarter, added the bank. The controversial pension looting also helped pump more money into the economy and boosted consumer spending.
Chilean President Sebastián Piñera said last week that the economy is expected to grow more than 11% this year amid a rapid recovery from the coronavirus pandemic, an estimate above the government’s previous forecast but in line with the central bank.
The economic activity of the world’s largest copper producer has been favored by high red metal prices, but also by government help to families and the partial withdrawal of pension funds, approved to alleviate the crisis.
Chile, like other neighboring countries in the region, has been raising interest rates this year amid fears of an overheating economy and rising inflation.
Reference: CNN Brasil
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