Chile, South America’s fifth largest economy, has certainly not been spared by the effects of the global recession. Chile’s Central Bank reported yesterday that the country’s GDP shrank 2.7% in the twelve months through July, recording its ninth consecutive year-on-year contraction.
This news comes just about three weeks after Chile announced that its second quarter GDP declined by 4.5%, compared to the same period a year ago, the largest fall-off in twenty years! Chile’s economy has been plagued by weak demand which led to the reduction in prices for its exports.
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