Chilean household debt decreased at the end of 2020, according to the National Accounts report by institutional sector for the fourth quarter published by the Central Bank. The report reveals that in the last quarter of 2020, Chilean households registered a debt stock (total liabilities) of of 50.6% of GDP. This represents a slight decrease of 0.1 percentage points compared to the same period of the previous year.
The saving rate of Chile's economy reached 21.2% of the GDP in 2020. This is 1.9 percentage points (pp.) higher than in the previous year, due to the increase in national income of 1.1% and the fall in consumption of 1.7% per year. According to a report published by the Central Bank, the gross investment rate stood at 19.8% of GDP (3.2pp. lower than in 2019). Meanwhile capital transfers received from abroad showed a decrease of 0.3pp, depicting (with savings) that the economy exhibited a financing capacity of 1.4% of GDP.
In 2020, despite the global health crisis resulting from COVID-19, the number of cooperatives grew by 11.8% compared to the previous year. This is according to figures from the Division of Associations and Cooperatives (formerly DAES) of the Ministry of Economy. Cooperative are still expanding this year. As of February 2021, there were 1,394 active cooperatives in Chile which represents an increase of 9.7% compared to the same period in 2020.
Enel SpA will raise its stake to 82.3% in Enel Americas SA. The Enel group launched an offer to buy Enel Americas common stock and American Depositary Shares (ADSs), representing 10% of the subsidiary’s share capital. Enel Americas finalised the merger by incorporation of Enel Green Power’s South and Central American renewable energy business on April 1. Enel purchased roughly 6.9 billion shares of the common stock and some 14.1 million ADSs after applying a proration factor of around 37.7%. The group spent $1.52 billion for the share purchase and settled the payment in cash today (April 20).
According to Mirasol, over 15,000 metres of drilling is planned on seven projects in 2021. In March, the company revealed that a maiden 1,500m drill programme had started at its flagship Inca gold project in Chile, targeting three of the most prospective zones on the underexplored Sandra trend. The programme is scheduled to be completed in the second quarter of 2021, with assay results expected by mid-2021.