Chile: the strength within.Rising exports such as copper or wine haven't been the only motor behind Chile's economic growth. Internal demand for goods and services In economics, economic output is divided into physical goods and intangible services. Consumption of goods and services is assumed to produce utility (unless the "good" is a "bad"). It is often used when referring to a Goods and Services Tax. , as indicated by overall investments in productive manufacturing facilities and a bustling construction sector, have also pushed the country forward. "After the short recession in 1999, there has been an increase in competitiveness," says Joaquin Vial, head of economic research at Banco Bilbao Vizcaya Argentaria (BBVA BBVA Banco Bilbao Vizcaya Argentaria (First Bank of Spain) ) in Chile. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. BBVA, during the second quarter of 2005, fixed-capital investments grew by 25.1% while domestic demand grew 11.2%. Combined with a recovery in the construction sector, which in the first quarter of 2005 grew 13.6% compared with a year earlier, domestic demand has given the jobs market a shot in the arm. The number of positions in the construction sector grew 12% in the first quarter of the year, while the employee roster in the once-sluggish retail sector grew by 7%. BBVA forecasts that this positive trend will continue in 2005 and 2006, with annual gross domestic product rising by 6.1% and 5.7%, respectively. For 2007, Vial is still optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op but a little more cautious. "At first, we thought we were seeing growth rates Growth Rates The compounded annualized rate of growth of a company's revenues, earnings, dividends, or other figures. Notes: Remember, historically high growth rates don't always mean a high rate of growth looking into the future. of 5%, but we are now beginning to see some question marks," he says. [GRAPHIC OMITTED] |
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