Chile's economy likely grew by 1.8% in 2014, less than half the pace in 2013

The relatively stronger export growth in Chile - on the back of the base effect - pulled up growth numbers in December and January to respectable levels, albeit still below trend.

Societe Generale notes the following in a report on Monday...

• The economy likely grew by 1.8% in 2014 (1.7% yoy in Q4) versus growth of 4.1% in 2013. 
  
  
• However, recent import numbers were the weakest since H2 09 and (despite improved growth of 2.7% yoy in January) suggest that either consumption or investment demand growth (or both) continued to decelerate/fall in early 2015. 
  
  
• Growth is surviving on the modest growth in consumption, counter-cyclical fiscal spending and - arithmetically - falling imports.
• The Q4 demand-side data should throw more light on the issue.