Total Factor Productivity (TFP) in Chile fell by 0.7%, according to a study by the National Productivity Commission (CNP). The report also warns that the pandemic caused a drop in sales of around 18% compared to March - when covid-19 arrived in Chile.
Category: Macroeconomy/Finance
Information regarding Chile’s finance sector and the country’s macroeconomy.
Grenergy and Natixis close $91mn solar PV portfolio financing in Chile
Grenergy Renovables S.A., with Natixis as Sole Lead Arranger, Hedge Provider, LC Issuing Bank and Administrative Agent, have successfully closed senior secured facilities totalling $91 million for an expected 130 MW portfolio of 14 solar photovoltaic ("PV") plants in Chile. The Grenergy portfolio consists of solar projects that will operate under Chile's special regime for distributed generation projects (known as "PMGD").
Bankruptcy filings increase by 8.1% in 2020
A total of 5,113 individuals filed for bankruptcy in 2020, 8.1% more than compared to the previous period. Although the rise is the smallest in the last four years, experts say it was mainly due to state aid and largely to the withdrawal of 10% of pension funds. In December, the rise was 3% with a total of 403 bankruptcies.
Labour fines reach $6.7mn in 2020
A total of 55,311 complaints filed with the Directorate of Labour (DT) for violations of labour regulations, was the balance left in 2020. In addition, between 1 January and 30 June 2020, the DT issued fines totalling CH$2.24 billion ($3.1 million) and between 1 July and 31 December of the same year, the figure was CH$2.57 billion ($3.6 million). Thus, during the year the fines issued by the agency amounted to $6.7 million.
Annual inflation in Chile reaches 3% in 2020
Inflation rate in Chile increased by 0.3% in December, rising to 3% for the year 2020, said the National Institute of Statistics (INE). In the last month of 2020, there was an increase in the prices of clothing and footwear by 3.7%, and of household equipment and maintenance by 0.8%, according to a report from the INE.
Chile closes week with highest numbers of daily COVID-19 cases in six months
ver the past week, Chile has recorded the highest numbers of new daily cases of COVID-19 in the last six months, with more than 4,000 cases registered for the third consecutive day, bringing the total number of cases to 641,923, the Ministry of Health announced last Sunday.
New family support bond will have a fiscal cost of $470mn
The government presented what will be the delivery of the Family Emergency Income (IFE) 2.0. The fiscal cost of this bond amounts to $470 million, that is, nearly half of the $1 billion that the Budge allocated for this measure. It is estimated that the IFE will benefit 7.8 million people in Chile.
Chilean copper exports reach $36.3bn in 2020
Copper exports in 2020 reached $36.337 billion, representing an 8.26% growth over 2019. In December, shipments grew by 6.7% year-on-year to $3.747 billion. The increase comes despite the fact that the industry has had to face up to the restrictions imposed to prevent the spread of the coronavirus, which arrived in Chile in March.
The Treasury fails to collect $192mn in 2020 due to the impact of COVID-19
The Treasury failed to collect $192 million for the operation of the Fuel Price Stabilization Mechanism (Mepco), a report says. According to the Economic Centre for Economic Policy at the Catholic University of Chile (Clapes-UC), the decline is due to the mitigation measures of the COVID-19 pandemic.
Withdrawal of 10% helped increase household income by 35.4% in Chile
The gross disposable income of households increased by 35.4% compared to the third quarter of 2019, explained mainly by social benefits net of contributions in relation to the extraordinary partial withdrawal of pension funds - which had an impact of 39.2%, according to a Chile's Central Bank report. The report states that without the withdrawal of 10% of pensions, household incomes would have fallen by 2.6% compared to the third quarter of 2019.
