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Chile’s economy grows 20.1 percent in June

Chile’s economy grows 20.1 percent in June

Santiago, Chile, Aug 3 (Prensa Latina) Chile's economy grew 20.1 percent in June, exceeding expectations by experts, the Central Bank (CB) reported in the Monthly Indicator of Economic Activity (Imacec).
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However, the institution warned about the high increase in the gross domestic product (GDP) was due to the low rate by comparison with same month in 2020, when the economy shrank 13.6 percent due to effects of Covid-19 pandemic.

In relation to May 2021, growth in the sixth month of the year was 2.1 percent and according to the CB, all Imacec categories showed positive results in relation to June 2020, especially in service activities.

The Central Bank’s report indicates the explanation is in part ‘by the lower comparison base in June of previous year and by the greater adaptation of homes and companies to the health emergency caused by Covid-19’.

Compared to same month last year, production of goods increased 13.2 percent, led mainly by construction with 21.8 percent and the manufacturing industry with 18.8, but mining, Chile’s major economic sector, fell 0.5 percent.

In contrast to what was reported in May, production of goods increased 2 percent, with good performance in all categories.

Trade showed an increase of 46.4 percent, which, the Central Bank pointed out, was due to economic measures to support households and the partial withdrawals by millions of Chileans of their pension funds, putting billions of dollars in circulation.

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