Following several years of strong growth in private consumption in Chile, we expect a slowdown over the next several years as economic activity slows, impacting consumer confidence. We continue to believe that the next several years will see Chilean real GDP growth trend lower, and we forecast real GDP growth to fall from our estimate of 5.6% in 2012 to 4.3% in 2013 and 4.6% in 2014. We also see domestic demand trending lower in 2013 and 2014, mostly due to easing investment and relatively less robust growth in private consumption. We are currently forecasting average private consumption growth of …
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