Experts lower estimates for economic growth in 2007 and 2008

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SANITAGO.- Experts consulted by the Central Bank have decreased economic growth estimates for 2007 and 2008 during the December Economic Expectations Survey.

For this year, analysts lowered their GDP growth forecast from 5.3% to 5.2%. For 2008, the growth estimate fell from 5.2% to 5%.

The survey also indicated an estimated Monthly Economic Activity Indicator (Imacec) for November of 4.8%.

With regards to the monetary policy rate, the panel of experts that were polled believes it will stay at 5.75% during the next issuing bank meeting.

On the other hand, analysts forecasted inflation for December to be 0.1%.

For 2008, they increased inflation estimates to between 3.4% and 3.6%.

During the next few months, the peso-U.S. dollar exchange rate is expected to be approximately $505 CLP, a figure that is higher than the $501 CLP forecasted by the former survey. Experts expect the dollar to reach a value of $515 CLP within the next eleven months.