Chilean economy grew 5.1% during 2007

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SANTIAGO. -  According to figures released today by the Central Bank, economic activity grew 5.1% during 2007 when compared to the previous year.

Communications proved to be the most dynamic sector, reporting a 13.4% increase, followed by Construction with growth of 8.3% and the Commerce sector (including restaurants and hotels), which grew by 6.5%.

The Electricity, gas and water sector, on the other hand, reported the most significant drop, falling 10.7% and causing a negative impact on economic activity as a whole, due to the magnitude of the decrease.  According to the Central Bank, the Fishing sector came in second, reporting a drop of 0.1%.

In the Monetary Policy Report (IPOM) from January of this year, the Central Bank had lowered 2007 GDP growth forecasts from speculations between 5.75%-6.25% to only 5.2%.

The organization also adjusted GDP growth rates for 2004, 2005 and 2006, placing them at 6.0%, 5.6% and 4.3%, respectively.