The Chilean Ministry of Finance raised its economic growth projections for the remainder of 2021, by setting the Gross Domestic Product (GDP) at 7.5pc from 6pc.

 

In the Public Finance Report (PFR) for the Q2 presented today before the Senate, the Ministry revised its predictions from the Q1, when it placed the 2021 GDP increase 1.5pc lower.

 

According to the report, the outlook for the Chilean economy improved thanks to the vaccination programs against COVID-19 carried out around the world, as well as the increase in the prices of copper, one of the country’s primary export products.

 

In the PFR for Q1, presented this April, the average copper price was projected to reach $3.99/lb. On the other hand, the Q2 report considers that the price of this metal could reach $4.11/lb in 2021.

 

The Ministry also considered that the internal vaccination plan improves the economic outlook for the remainder of the year, since 80pc of the Chilean population already has at least the first dose of the vaccine, while 70pc already has even the second.

 

This June, the Chilean Central Bank also corrected its growth figures for 2021, from 6pc to 8.5pc, although the bank cited increased public spending by the government for revised projections.

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