Chilean GDP grows 4.1% during 2013 first quarter

Chilean Gross Domestic Product (GDP) gained 4.1% year on year in the first quarter of 2013, Chilean Central Bank reported on Monday.  On the same statement, the institution informed GDP from the fourth quarter 2012 was up 0.5 %, resulting in an annualized growth rate of 2.0%. Analysts were expecting GDP to come in at 4.5 %.

The nation's mining industry, which produces a third of the world's copper and represents around 15% of GDP, was the driving force behind first-quarter growth as this sector's activity surged 7.8% year on year, the bank said. 

Domestic demand, meanwhile, grew 6.8% year on year in the quarter, fueled by investments and household consumption of goods and services. Robust domestic demand and investments, especially in the mining and electricity sectors have been fueling Chilean growth since this decade began. 

In the first quarter, imports of goods and services increased 8.2 % with exports increasing only 1.0 %, resulting in a trade surplus of USD $792-million. Affecting the first-quarter numbers were a shutdown of the seaports and copper price dropping 8.2 % through May 17.