Fynsa
In the new macro framework, we see little change to the expected growth for 2022, but we do not rule out a further downward adjustment to 2023.
The Q2 National Accounts figures only confirm what we expected: the economy is slowing down and will continue to do so.
The first thing we have to understand is that the Chilean economy is in a frank process of deceleration, which did not begin this month, but approximately since the end of last year.
For the fourth consecutive time, the Central Bank modified the bias of the statement, repeating the situation of March and May: a bias that indicated an early end to the hiking cycle, and then eliminated it and raised the rate more than expected.
Although the "less bad" Imacec data would avoid technical recession, this does not mean that there is reason for optimism.
