BMI View: Weak economic performance in the first quarter of 2017 has not changed our fundamentallypositive outlook on the Chilean consumer. We expect that private consumption will pick up over the secondhalf of the year, as low inflation and a more upbeat copper industry outlook will feed through toimprovements in consumer confidence and overall economic activity.
The outlook for the Chilean consumer is showing signs of improvement, as the country's copper-dependenteconomy continues to recover from low commodity prices and a broader slowdown across LatinAmerica. Improving investor sentiment towards emerging market assets, along with an expanding middleclassand one of the most favourable business environments in the region, underpins our view that Chilewill remain on a solid path to diversifying its economy from 2017 onwards. We forecast privateconsumption to expand 2.7% y-o-y in 2017, compared to 2.4% in 2016 and 2.0% in 2015, as consumerspending fuels Chile's economic recovery.
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