Economic growth falls below market estimates, registering only 3.7% for December

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SANTIAGO.- Economic activity within the country closed out 2007 with a result far below market expectations. A report from the Central Bank indicated that the Monthly Economic Activity Indicator (the acronym in Spanish is Imacec) grew only 3.7% during December, compared to December of 2006.

The market had estimated economic growth to be between 3.7% and 5.2% for the last month of 2007.

The seasonally adjusted series grew 0.1% compared to the previous month, while the cyclical series registered an annual increase of 4.1%. The month reported one workday more than in December of 2006.

This resulted in a fall in added value within some branches of the industrial and electrical sectors.

According to the pre-established public calendar of distribution for National Account figures, the preliminary growth estimate for the 2007 GDP will be revealed this year on March 24th.