Macroeconomic outlook report: Chile

During the third quarter of 2019, year-over-year GDP growth in Chile accelerated by 0.78 percentage points from 2Q19 to 2.82%. This performance was mainly explained by the behavior of the internal demand, which increased its year-to-year growth by 0.33 percentage points. In the labor market, the unemployment rate increased by 0.10 p.p. with respect to the previous quarter, to 7.13% in this quarter; while employment grew at a year-over-year rate of 1.73%, which represented an acceleration of 0.47 p.p. with respect to the previous quarter. In 3Q19, inflation stood at 2.46%, after a deceleration of 0.17 p.p. with respect to 2Q19. The Chilean peso depreciated against the US dollar compared to the previous quarter. The average exchange rate of the Chilean peso was 706.07 CLP/USD in 3Q19.

Macroeconomic overview

• During the third quarter of the year, Chile's GDP growth accelerated by 0.78 p.p. from 2Q19 to 2.82%. The performance of the GDP was explained by behavior of the internal demand.
• In the labor market, the unemployment rate increased 0.10 p.p. from 7.03% in 2Q19 to 7.13% in 3Q19. Employment in Chile grew at a year-over-year rate of 1.73%, an acceleration of 0.47 p.p. from the previous quarter.
• The Chilean peso depreciated against the U.S. dollar compared to the previous quarter. The average exchange rate of the Chilean peso was 706.07 CLP/USD in 3Q19, 22.13 pesos per dollar more than in the previous quarter.
• In 3Q19, the change in the price index stood at 2.46%, after a deceleration of 0.17 percentage points compared to 2Q19.

For more information, click here to access the executive document in pdf (only avalaible in Spanish).