July 10, 2018 / 4:48 PM / a month ago

Chilean government boosts growth estimate despite trade tension

July 10 (Reuters) - Chile’s government has upped its economic growth estimate for 2018 to 3.8 percent from 3.0 percent due to increased domestic demand, despite the potential impact of a trade war between China and the United States, its finance minister said on Tuesday.

Felipe Larrain told a joint sitting of the Chilean parliament and senate’s budgetary committee that he sees inflation rising to 2.9 percent this year from a previous prediction of 2.8 percent, and domestic demand up 4.8 percent, versus 4.1 percent previously.

He said he expected the peso to average 631 pesos per dollar in 2018, and that the government expected the trade war between the global economic powers to have a “transitory” effect on the price of copper, which he predicted would rise from to $3.12 a pound from earlier $2.88 forecast.

Reporting by Antonio de la Jara; writing by Aislinn Laing; Editing by Dan Grebler

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