Chile's July economic activity grows at fastest pace since Jan
SANTIAGO, Sept 5
SANTIAGO, Sept 5 (Reuters) - Chile's economic activity grew in July at its fastest annual pace since the start of the year, boosted by mining and robust domestic consumption, although the rise was not as much as the market had expected.
The IMACEC economic activity index, considered a proxy for economic growth, expanded by 5.3 percent in July compared with the same month a year earlier. That compared to a forecast of 6.1 percent, according to the median estimate of 11 analysts and economists surveyed by Reuters.
The figure was the strongest pace of expansion since January, when it notched 6.3 percent growth.
Economic activity grew by a revised 4.1 percent in June, and 6.3 percent in July 2012.
Although growth in the bubbly Chilean economy has eased this year, on the back of softer demand from top trade partner China, recent indicators have beat forecasts, suggesting the Andean country is more resilient than many other emerging markets.
Last week, unemployment hit a low not seen in years, while manufacturing production posted a surprise bounce in July.
That makes an imminent cut in the key benchmark interest rate from the current 5 percent increasingly unlikely.
Chile, the world's No.1 copper producer, posted 5.6 percent economic growth last year. The government forecasts growth will moderate to between 4 and 4.5 percent this year given a gloomier global outlook and lower copper prices.
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