Latin America Economy in April 15

Source: OPEC 5/8/2015, Location: South America

The economy of Argentina grew by 0.4% y-o-y in the 4Q14, up from 0% in the 3Q14. Private consumption expenditure continued to decelerate at a faster pace for the second quarter in a row, falling 1.2% in the 4Q14, from the 0.5% drop of the previous quarter. On the other hand, government consumption expenditure grew by more than double the rate in the 3Q, increasing by 3.8% as compared to 1.6%. GFCF, however, shrank for the fourth consecutive quarter by 9.7% in the 4Q14, from the 4.9% dip in the 3Q. From an accounting perspective, a significant decrease in imports has supported GDP, falling 19% y-o-y in the last quarter of 2014. For 2014, the economy grew nearly 0.5% over 2013.

Generally, the same growth trends were observed in Chile, where private consumption softened in the last quarter of 2014, while government spending strengthened. Investment, however, contracted for most of 2014.

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