Economy

Chile's GDP jumps 18.1% on year-on-year basis in Q2

Chilean economy grew 1% between April and June this year compared with the first quarter

Containers are pictured at the San Antonio port, in Chile
  • The year-on-year figure reflected the low base of comparison with the previous year, when Chile was in the depths of the pandemic;
  • Government economic support for households and businesses had an impact on this quarter’s figure compared to last year.

Chile’s gross domestic product rose 18.1% on a year-on-year basis in the second quarter of 2021, the country’s central bank said, as the economy showed signs of a recovery despite coronavirus-related lockdowns in both periods.

The economy grew 1% between April and June this year compared with the first quarter, according to deseasonalized figures released by the bank.

READ ALSO: Chile’s elderly fully vaccinated with CoronaVac begin to take booster shots

The year-on-year figure reflected the low base of comparison with the previous year, when Chile was in the depths of a pandemic that began in March, the bank said.

Government economic support for households and businesses, the drawdown by Chileans of tranches of their privately-held pension funds and a “greater adaptation of the economy to sanitary restrictions” had an impact on this quarter’s figure compared to last year, the bank added.

READ ALSO: Colombia’s grows 17.6% in the second quarter, driven by retail and leisure

The mining sector of the world’s largest copper producer grew 2.8% in the same period, while the economy’s non-mining activity grew 20.2%.

There was a generalized increase in economic activity in the second quarter, with the bank highlighting movement in education and health services in addition to trade and, to a lesser extent, manufacturing.

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