Chile: Imacec at 2.9% YoY in December 2014, above market expectations

The monthly economic activity index increased 2.9% YoY in December, above consensus and slightly above our expectations (2.0% YoY and 2.6% YoY, respectively). The result was mainly driven by the expansion in the services, commerce, and positive contribution from mining activity. With this figure, we preliminary estimate a GDP growth at 1.8% in 2014. Finally, we kept our assessment of an activity data that will show a mild recovery towards 3.0% YoY growth rates during this year, supported by both countercyclical fiscal policy and sectors related to external demand.

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