Macroeconomic Forecast Chile

September 2008 | Macroeconomic Forecasts

Chile posted a current account deficit in Q208, the first shortfall since Q305, bringing the year-to-date current account to a US$114mn deficit, on the back of a narrowing merchandise trade surplus. Year-to-date export growth in August reached 12.3% y-o-y, down from 16.7% during the same period in 2007. Meanwhile year-to-date import growth in the first eight months of the year reached a staggering 41.5% y-o-y, up from 31.4% a year earlier, bringing Chile's year-to-date trade surplus to US$12.6bn (down from US$18.4bn in August 2007). We currently forecast a current account surplus of 1.0% of GDP for 2008, down from 4.3% in 2007.

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