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Chilean industrial production booming; unemployment steady at 7.3%

Monday, May 9th 2011 - 06:46 UTC
Full article 2 comments
Mining is one of Chile’s main industries  Mining is one of Chile’s main industries

Industrial production in Chile increased at the fastest ever pace in the 12-month period ended March, data released by the National Institute of Statistics revealed. Industrial output climbed a record 30.9% in the year ended March, marking the biggest growth in the history of the indicator. In February, output rose 1.9%.

Economists had expected 23% growth for March. The jump in industrial output was partly due to a low basis of comparison. Levels of industrial activity have also increased due to rising demand at home and abroad, the agency said.

On a seasonally adjusted basis, production increased 2.4% from the previous month. In the first quarter of 2011, industrial output increased 11.7% over the corresponding quarter last year.

Production in the mining sector grew 1.9% annually in March, following a 3.9% slump in the previous month. The monthly increase was 20.3%.

Industrial turnover increased 19.7% in the 12 months to March. Economists had forecast 12% growth.

Retail sales grew 16.4% in 12 months to March, after rising 16.8% in the previous month. On a monthly basis, sales increased 13.6%, after declining 5% in February. It was the first monthly increase in three months.

Meanwhile for the third consecutive quarter unemployment in Chile held steady at 7.3%, said INE. Unemployment in January-March was 7.3%, unchanged from the December 2010-February 2011 period. It was also 7.3% in November 2010-January 2011. In January-March 2010, unemployment was 9.0%.

The labor force inched up to 8.0 million in January-March, from 7.99 million in the December to February period, INE said.

Categories: Economy, Latin America.

Top Comments

Disclaimer & comment rules
  • ManRod

    February 2010 was the big eartquake, the low March production was the result of strongly paralized industry = Low basis of comparison. This info should have been added into the article.

    These figures are amazing, but should always been set in correlation to the situation.

    May 09th, 2011 - 11:36 am 0
  • GeoffWard

    “Economists had expected 23% growth for March. The jump in industrial output was partly due to a low basis of comparison. ”

    Ah! At last Mercopress has included the commonly missing words from one of its 'Simple Percentage articles'.

    May 09th, 2011 - 01:03 pm 0
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