We have lowered our 2025 GDP growth forecast for Chile by 0.2ppts to 2.6% y/y as a result of slower-than-expected momentum in H2 2024. September's IMACEC monthly activity print was well below our expectation, and subsequent Q3 national accounts confirmed growth of 0.7% q/q, 0.2ppts below our forecast. We have also lowered our 2024 growth forecast by 0.1ppts to 2.4% y/y.