Chile’s economic activity unexpectedly contracted in August on a decline in services, corroborating the central bank’s message that more interest rate cuts are on the way, Bloomberg News reported. The Imacec index, a proxy for gross domestic product, fell 0.2% on the month, matching the worst estimate in a Bloomberg survey of analysts that had a median forecast of 0.3% growth. From the year earlier, activity gained 2.3%, the central bank reported on Tuesday.
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Chile’s economy contracted on a quarterly basis for the first time in a year, marking a significant downturn that bolsters the case for a resumption of interest rate cuts, Bloomberg News reported. Gross domestic product fell 0.6% in the second quarter from the prior three months, in line with the median forecast of analysts in a Bloomberg survey. From a year ago, it expanded 1.6%, the central bank reported on Monday. Chilean policymakers paused their easing cycle last month as they weighed near-term inflationary pressures against a downturn in the economic recovery.
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Troubled Chilean salmon-farming company Nova Austral appears to have been given the go-ahead to continue with its reorganization, Fish Farmer Magazine reported. Following a new appeal by the company and other organizations, a court in the south of the country has permanently reversed a bankruptcy order. A temporary appeal was allowed in May. This means a long running saga, and a series of delays which saw the business come close to being wound up or sold, should at last be over.
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