During the second quarter of 2022, economic activity in Chile slowed from the previous quarter. This slowdown was driven by rising inflation. The year-on-year rate of change in GDP was the lowest recorded since 1Q21, although it continued to show solid growth of 5.65%. On the other hand, the employment rate increased to 9.69%, however, unemployment also increased to 7.79%. Inflation was at a record high of 11.52%, driven by both international and local factors, including the depreciation of the Chilean peso against the US dollar, which recorded an average exchange rate of 840.76 $CLP/USD in 2Q22.
Macroeconomic outlook report: Chile 2Q22
Macroeconomic overview
- During the second quarter of the year, the year-on-year rate of change of Chilean GDP decreased by 1.45 p.p. compared to that recorded in 1Q22, thus standing at 5.65%.
- Regarding the labour market, the unemployment rate increased by 0.27 p.p. with respect to the previous quarter, to 7.79% during 2Q22. Employment in Chile showed a positive year-on-year rate of 9.69%, thanks to an increase of 2.15 p.p. from the previous quarter.
- During the second quarter, the Chilean peso depreciated against the US dollar compared to the previous quarter. The average exchange rate stood at 840.76 $CLP/USD, after increasing by 31.32 pesos per dollar.
- Finally, the change in the price index was 11.52%, 3.21 p.p. higher than in 1Q22.
For more information, access the Macroeconomic Outlook Report of Chile 2Q22 (only avalaible in Spanish).