The 1.9% q/q rise in Chile’s GDP in Q1 confirms that the economy is gathering momentum following a weak 2023 and has prompted us to revise up our (once above consensus) 2024 GDP growth forecast to 2.8% (from 2.3%). It also supports our view that the central bank will once again slow the pace of easing with a 50bp cut (to 6.00%) at its meeting on Wednesday.
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