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Chile's economic growth expanded at a faster pace in the second quarter from the previous year, the central bank said on Wednesday.
The gross domestic product, or GDP, increased 6.5% year-on-year in the second quarter, faster than a 1.5% growth in the previous quarter. The GDP increased for the third consecutive quarter. Economists were looking for an increase of 6.2%. A year earlier, the GDP decreased 4.5%.
The real disposable gross national income increased to 14.3% annually in the second quarter from 10.2% in the previous quarter, while the domestic demand rose to 17.4% from 11.8%. The gross fixed capital formation grew to 28.6% from 8.1% in the first quarter.
Exports of goods and services rose 0.2% in the second quarter from the previous year, compared to a 5.6% fall in the previous quarter. At the same time, imports of goods and services increased to 33.3% from 19.7% in the previous quarter.
Further, the central bank said, the current account surplus totaled US$46.8 million in the second quarter, down from US$1.28 billion surplus in the previous quarter. Economists had expected a current account surplus of US$75 million.
The capital account surplus amounted to US$4 million in the second quarter, down from US$4.14 billion in the preceding quarter. At the same time, financial account deficit narrowed to US$109.4 million from US$5.54 billion in the first quarter. Thus, the total capital and financial account deficit dropped to US$105.3 million from US$1.39 billion last quarter.
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