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Chile experiences economic slowdown and technical recession should mark the second half

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O presidente do Chile, Gabriel Boric, caminha no “Palacio de La Moneda”, em maio de 2022.

Chilean President Gabriel Boric walks in the “Palacio de La Moneda” in May 1200.| Photo: EFE / Alberto Valdés

Chile’s Gross Domestic Product (GDP) grew 5.4% in the second quarter in 2022, a decrease in relation to the previous quarter, when the percentage was 7.4%. The data were revealed by the Central Bank of the country this Thursday (

) and confirm the deceleration of the country.

Jorge Selaive, professor at the University of Chile and economist at BBVA Research, posted on Twitter that “it is confirmed that Chile is entering a technical recession”.

In an interview with the AFP news agency, Francisco Castañeda, an economist at the Universidad Mayor explained that , even with seasonal adjustment, “GDP did not show any variation in relation to the first quarter, which puts the Chilean economy very close to a technical recession, a situation that should happen in the second semester”.

According to the government, the annual growth should not exceed 1.6%. Inflation is another problem in the country: it reached, in July, 06, 1% increase compared to the previous year, the highest in 21 years old.

The country’s economy is also being affected by low copper exports, which fell 0.3% in the second quarter and usually contribute up to % of Chilean GDP.

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