The National Accounts report presented by the Central Bank of that country attributes the growth to “greater openness of the economy, economic measures to support households and companies, partial withdrawals of pension funds and a low base of comparison” .
This expansion “was led by services, where a general increase in all its components was observed, highlighting personal and business services”, states the document that also points out the contribution of “commerce and construction”.
On the other hand, mining and forestry farming were the only ones that registered contractions during the quarter.
On the other hand, the national economy showed an acceleration of 4.9% compared to the previous quarter, according to seasonally adjusted figures.
“The reactivation of services activities -mainly personal and business- and the growth of trade led this result. In contrast, mining fell compared to the second quarter, partially offsetting the above,” said the issuing institute.
The income that was generated in households from the withdrawal of savings from pension funds and the lifting of quarantines throughout the country, which together with the coronavirus vaccination plan allow greater mobility of citizens, also drove the rise in the GDP from the perspective of spending, according to the Central Bank.
“The greater mobility of people, partial withdrawals of pension savings and fiscal transfers continued to stimulate household consumption, registering higher spending on services and non-durable goods,” the text explains.
Since mid-July of last year, the Chilean Government created aid for middle-class families called “Emergency Family Income (IFE)” and at the same time, at the initiative of Deputies, the withdrawal of 10% of pension funds.
Finally, the agency highlighted that investment, measured as gross fixed capital formation, presented an increase mainly supported “by investment in construction and other works”, and that exports of goods and services grew 1.7%, while imports increased 38.3%.
Source From: Ambito
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