Still, Chile’s economic activity grew more than analysts expected in December, led by services, Bloomberg reported. The Imacec index, a proxy of gross domestic product, increased 1.5% year-over-year, compared to forecasts of 0.9%. The economy expanded 0.8% month-over-month and wages gained 5.2% year-over-year.
“Just this week however, an indication that Chile will be exporting more copper, with the announcement that BHP Billiton, the world’s biggest mining company, has committed to spend just under $200 million to get more copper out of its 57.5%-owned Escondida operation in Chile, the world’s largest copper-producing mine,” according to Mining.com.
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Although Chile is viewed by some market observers as the most advanced and open South American economy and it is undeniably home to Latin America’s highest sovereign credit rating (AA-), there is also no denying the country’s dependence on copper exports as a driver of government revenue.
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