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Economy in Brief

Chile's Gross Domestic Product Increases 1% in Q1 of 2004.  Exports of Copper Play a Major Role
by Louise Curley May 24, 2004

Chile's Gross Domestic Product rose 1% in the first quarter of 2004 from the last quarter of 2003, the largest rate of growth since the fourth quarter of 2000. A small decline in domestic demand was more than offset by the exports of good and services, particularly exports of copper. Chart I shows the period to period changes in domestic demand and in exports of goods and services.

Exports of copper tend to be volatile and, as they usually account for about 40% of Chile's total exports of goods, they are largely responsible for the volatility in the total exports of goods and services . In the first quarter of 2004, copper exports were especially strong and accounted for close to one half of the total export of goods. (See Chart 2) Copper exports are available monthly and the April data show a 8.4% decline from March, but they are 114.9% above April, 2003.

(Bil 1966 Chilean Pesos) Q1 04 Q4r 03 Q1  03 Q/Q    % Y/Y  %  2003 % 2002 % 2001 %
GDP 10010.0 9852.6 9618.6 1.60 4.07 3.12 2.21 3.48
  Domestic demand 9832.6 9855.4 9342.9 -0.23 5.24 3.51 2.50 2.28
  Exports 3561.8 3393.0 3227.9 4.98 10.34 7.77 1.52 7.55
  Imports 3401.8 3381.6 3028.1 0.60 12.34 8.81 2.38 4.09
(Mil US$)                
Total Exports 6970.7 5082.1 5004.1 37.16 39.30  16.16 0.52 -4.06
  Copper exports 3047.2 2058.2 177.2 48.05 71.96 19.43 -3.90 -10.27
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