MNI: Fed Should Tread Cautiously On Productivity -Goolsbee

MNI: US Tariffs Could Boost Inflation By 0.81%-1.63% -ATL Fed

MNI: Canada Apr-Dec Budget Deficit CAD21.7B Vs Prior CAD23.6B

MNI China Daily Summary: Friday, February 28

MNI BRIEF: Xi Calls For Greater Consumption To Boost Demand

MNI BRIEF: China To Fight Against Extra U.S. Tariffs: MOFCOM

BAKER HUGHES CANADA RIG COUNT 248; OIL RIGS 177; GAS RIGS 71

MNI: BAKER HUGHES US RIG COUNT 593; OIL RIGS 486; GAS RIGS 102

EZ/UK Bond Supply Calendar: DDA, RAGBs, Gilt, Bobl Due Tuesday

GERMANY: Official Interim Election Results Tilt Towards Missing BSW & FDP

GERMANY: Economy Ministry Lowers 2025 Growth Forecast As Expected

© 1982-2025 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Santander Expect -0.1% GDP In 2023, Internal Demand Remains Weak

CHILE
  • Santander confirm their vision of a stagnant economy that will close 2023 with a slight contraction, around -0.1% (previous estimate: -0.5%). Despite a recovery in the consumption margin, it remains below the levels of the previous year and without prospects for a significant short-term improvement, amid the weakness of the labour market. Added to this, investment is weakening and the latest registry from the Capital Goods Corporation shows that the investment plans have not yet clearly improved.
  • As expected, the GDP data reflects a practically stagnant economy, with limited progress in Q3 (0.3% seasonally adjusted q/q) and internal demand that fell for the seventh consecutive quarter. The annual GDP expansion was somewhat greater than anticipated by Imacec (0.6% y/y) as a result of additional information and upward corrections from previous quarters, mainly associated with mining and personal services.
  • From a spending perspective, the decline in domestic demand is associated with a drop in investment. On the one hand, gross fixed capital formation shows a decrease in its two components, to which is added the lower variation in inventories. Meanwhile, although total consumption continues with y/y declines (-2.2%), it shows an expansion in the margin.
  • The external sector persists with its rapid improvement in the current account deficit, which reaches -3.5% of GDP in the moving year (-4.7% in the second quarter and -6.8% in the first quarter), product of the improvement in the trade balance due to the sharp drop in imports of goods (-18% y/y) and services (-14.5% y/y) associated with the weakness of demand, while the export of services expands during the year (9% y/y).
BulletEM BulletEmerging Market NewsHomepage
BulletEM BulletEmerging Market NewsHomepage

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.