SANTIAGO, March 19 (NNN-Xinhua) — The Chilean economy grew 1.1 percent in 2019, the poorest performance in a decade mainly due to social upheaval that disrupted productivity in the fourth quarter, the Central Bank of Chile said.
The figure failed to meet the 3-percent economic growth forecast for 2019.
According to the bank’s figures, Chile’s gross domestic product (GDP) had seen accumulated growth of 2.2 percent by the third quarter of 2019, but the social unrest in the fourth quarter reversed the economic gains.
The country’s GDP fell 2.1 percent in the fourth quarter from a year earlier, because of the violent protests across the nation since mid-October over inequality and high cost of living, the bank said.
Global economic uncertainty also dampened domestic growth, it said, adding domestic demand decreased 3.3 percent from October to December.
In particular, the mining sector dipped 2 percent, driven down by lower prices for Chile’s main export product, copper, it said.
In the trade sector, both exports and imports fell 2.3 percent in 2019, it said.
The bank has forecast a 1-percent economic growth for 2020, lower than the Chilean government’s projection of 1.3 percent. — NNN-XINHUA
