SANTIAGO – Chile’s gross domestic product increased 2.1 percent in 2015 compared with the previous year, the Central Bank reported Friday.
The figure was in line with economists’ forecasts as the Chilean economy continues to struggle with adverse external conditions and low demand and investment at home.
Even so, last year saw a slight improvement from 2014, when GDP expanded 1.9 percent.
Growth in the fourth quarter of 2015 was 1.3 percent, short of analysts’ expectations.
The main driver of expansion last year was domestic demand. Investment remained weak thanks to a 1.5 percent drop in fixed capital formation.
Household consumption increased by 1.5 percent and government consumption climbed 5.8 percent, while gross national income grew by 1.1 percent and the gross savings rate was 22 percent of GDP.
Chile’s exports decreased by 1.9 percent and imports retreated 2.8 percent, the report said.
The Central Bank projects the Chilean economy will grow this year between 2 percent and 3 percent, though the bank’s chief, Rodrigo Vergara, says the final number will likely be at the lower end of that range.