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Reuters .- The Chilean economy grew 4.9% from one year to the next in May, a much higher than expected variation, mainly driven by the sector mining and reinforcing the expectations of a positive performance of domestic activity
Although the monthly indicator of economic activity (Imacec), released Thursday by the Central Bank, was lower to the expansion of 5.9% in April, was estimated at over 4% in a Reuters survey
The May Imacec, which had a working day less than the same month of the year. last year, was also favored by the advance of the services and trade sector.
"Even with a negative calendar effect, the advance of the economy continues to surprise," Banchile brokerage said in a report.
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The index that measures the mining, in Chile stands out as the largest Copper producer in the world, rose 6.9% in May, while the non-mining Imacec grew by 4.7%, said the Central Bank in its monthly report
"The positive surprise is related to what's happening with the rest of the business (…) the performance of the non-mining component shows robust growth, "said Valentina Rosselli, chief economist at Econsult.
L & # 39; Imacec seasonally adjusted rose 0.7% in May and its interannual variation recorded an increase of 5.2%.
With the performance of the fifth month, domestic activity – measured by the Imace – has accumulated a 4.7% increase between January and May.In the first quarter, the economy has increased by 4.2%, while it grew by 5.4% between April and May
"The activity in the second quarter shows accelerated growth, compared to 2017, which does not signal To moderate, "adds Rosselli
In June, the expectations of operators and analysts indicate an increase in economic activity of about 5%.
"If the non-mining sector keeps pace, the GDP of the second quarter should be the largest since the end of 2012," said Banchile.
For the year as a whole, the Central Bank has estimated its expansion at between 3.25 and 4%.
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