We maintain our 2024 GDP growth forecast for Chile at 2.5% y/y but have lowered our 2025 growth forecast by 0.1ppt to 2.8% y/y, 0.5ppts above the consensus. This comes due to a slightly weaker end-of-2024 outlook which carries over into 2025 figures, but we expect the upturn in mining output and related investment will support stronger growth next year. August activity growth disappointed due to severe weather, but was supported by a positive mining result, with indications of a stronger-than-expected upturn this year and next.
Chile: Mining upturn supports our above-consensus 2025 outlook