Chile's Economy Becomes the Latest COVID Casualty

(21 August 2020) Chile's economy has responded to COVID like others globally and dropped sharply in Q2, even after eking out positive performance in Q1. Chile's GDP fell 14.1 percent YoY in Q2 after a marginal increase of 0.2 percent in Q1, marking one of its worst performances in years.

  • From a sector-based perspective, only mining and financial services recorded positive growth. Mining grew 1.6 percent in Q2, led by higher copper extraction, while financial services grew by 2.7 percent. As elsewhere, restaurants and hotels took a devastating hit to fall by 52.8 percent, while textiles followed closely with a decrease of 51.9 percent.
  • On the expenditure side of the equation, lower household consumption and investment factored heavily into the economy's poor performance. Household consumption declined by 4 percent, while investment, represented by gross fixed capital formation, fell by 15.1 percent.

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