Chilean economy grew only 2.4% during August

To see international photos, click here

SANTIAGO.- The Central Bank announced today that the Chilean economy grew a mere 2.4% in August of this year, compared to the same month last year.

The figure falls far below market expectations, which had predicted a 4.1% Monthly Economic Activity Index (IMACEC) for the eighth month of this year.

The deseasonalized series dropped by 0.9% compared to the previous month, while the cyclical tendency series reported an annualized increase of 4.6%.

The result for the month was affected by the fact that there were two work-days less than during August of 2007, a drop in added value within the mining industry, as well as a decrease in wholesale commerce.

The economy grew 6.2% in July of this year, while in August of 2007 the economy reported an increase of 4.4%, making for an accumulated total growth of 5.1% over the past year.

Meanwhile, Chile's Gross Domestic Product (GDP) rose 4.3% during the second trimester of this year- resulting in a figure higher than the 3.3% registered during the first three months of the year.