Forex - Chile: Q1 Current Account Deficit Shrinks More than Expected at USD 1,023m


 13:53 (GMT) 20 May

  [Economic Data]

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Chile: Q1 Current Account Deficit Shrinks More than Expected at USD 1,023m (0101-LGVS-C01)

The current account deficit shrank more than expected at USD 1,023m or 1.4% of GDP. 12m deficit is USD 9,843m or 3.4% of GDP. There was a USD 1,190m trade balance surplus, but it was surpassed by the dividends paid to foreign investors (USD 2,613m). Notably, the trade surplus would have been higher if heavy rains wouldn't have limited exports.

Financial account was virtually balanced (USD 1m). The elimination of the financial deficit was mostly explained by portfolio outflows.

More austere budget and slower economy should keep reducing Chile's external imbalances down the road. We see the current account deficit shrinking to around 2.5% of GDP in 2019.


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