Chile's economy grows 7.2 pct in first quarter

SANTIAGO, May 18 (Xinhua) -- Chile's economy grew 7.2 percent in the first quarter of the year compared to the same period in 2021, according to a report released Wednesday by the Central Bank of Chile.

However, growth was below expectations, with economic activity in the first quarter growing 0.6 percent less than initially forecast in the Monthly Index of Economic Activity, the report said.

Seasonally adjusted figures showed a 0.8 percent slowdown in gross domestic product (GDP) in the first quarter.

"Most activities registered positive figures, with the greatest increases being found in service activities -- in particular, personal, transportation and business -- and commerce," the report said.

Sectors that saw activity drop included mining, agriculture-forestry, and fishing.

Meanwhile, domestic demand rose 13 percent, driven by household consumption.

"From a spending perspective, the boost in domestic demand was accompanied by a drop in net exports," the bank said.

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