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Chile’s GDP slows in fourth quarter to 2.7 percent

March 18, 2014

SANTIAGO, Chile (AP) — Chile’s gross domestic product grew 2.7 percent in the fourth quarter compared with the same period a year earlier due to lower internal demand and investment.

The figure the Central Bank reported Tuesday is the slowest pace in nearly four years. GDP growth for the full year 2013 clocked at 4.1 percent led by mining.

President Michelle Bachelet said last week that she’ll keep her promises to make profound changes to fight sharp inequality despite Chile’s economic slowdown.

Chile is the world’s top copper producer but prices for the metal have been plunging.

The Central Bank has been slashing its benchmark rate since late last year in an effort to fan economic growth. The bank cut its key rate by 25 points to 4.0 percent last week.

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