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MOF's Growth Estimate Remains Well Above Market Consensus

CHILE
  • As a reminder, as part of the Public Finance Report for Q2, the government now expects GDP to grow 0.2% in 2023, Finance Minister Mario Marcel told the Senate on Wednesday, moderately revising its forecast down from a previous estimate of 0.3%. Analysts have noted this remains substantially above the market consensus of a 0.5% contraction.
  • The 2023 nominal fiscal deficit was revised up from 1.6% to 1.9%, while the structural deficit was also revised up from 1.9% to 2.1%.
  • Internal demand is seen falling 4.1% this year from 2022, Marcel added, a larger drop then the 3.5% one projected by the government in May. The Andean country's government also revised down its forecast for average inflation (7.8% in 2023) and copper prices this year.
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