SANTIAGO, Sept. 5 (Xinhua) -- Chile's central bank upgraded its economic growth forecast for 2018 despite "deteriorating international conditions," Finance Minister Felipe Larrain said on Wednesday.
The bank released its latest growth projections earlier in the day, raising the expected range from between 3.25 and 4 percent to between 4 percent and 4.5 percent.
"Today, some risks are more imminent, like a trade war. That creates a much tougher scenario for growth. We have always said that Chile's economy is not immune, but it is well prepared," Larrain told reporters.
The bank maintained its growth forecast for 2019 and 2020, at between 3.25 and 4.25 percent and 2.75 and 3.75 percent, respectively.
Chile's economic indicators are on the upswing.
Domestic demand in Chile is rising, with the bank also adjusting its growth figure for the year from 4.1 percent to 4.6 percent, driven by increased investment, which is expected to see five-percent growth in 2018.
Economic activity grew in July, showing a year-on-year increase of 3.3 percent, more than analysts were expecting.
Chile's monthly economic activity index (Imacec) "was a positive surprise in July. That's good news for the Chilean economy, along with another piece of good news, seeing that non-mining sectors are the ones driving the car (economy) with their growth," said Larrain.
"The government's challenge is to maintain the positive macroeconomic figures and transfer them (their impact) to the people," he added.
