SANTIAGO, Chile – Chile’s economy grew at its slowest pace since 2010 in the first quarter due to less investment and consumer spending.
The Central Bank says its indicator of economic activity expanded at an annual rate of 2.8 per cent in March and by 2.4 per cent in the first quarter of 2014 as a whole.
Finance Minister Alberto Arenas said Monday that the government of new President Michelle Bachelet will do everything in its power to revert the tepid growth.
Chile is the world’s top copper-producing nation and is known for its fast growth and low unemployment. But growth has slowed to a four-year low and prices for copper have plunged.
Chile’s economy still remains strong and is regarded as among the best-managed in Latin America.