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Despite fewer Argentine travelers and a coal market with little demand, fishing, aquaculture, red meat and wool helped the local financial activity.
As universal as Chile is going through a period of financial slowdown, which the executive is trying to deal with with lower rates and all the execution of investments in public works, the vicinity of Magallanes in the extreme south of the country becomes among those of most useful performance in the second quarter having accelerated to a healthy 2.8%.
Based on the regional economic enterprise index, Inacer, Magallanes in April-June raised 2.8% compared to the same period 12 months ago and consequently expanded 9.8% in the first half of the year, the fastest in Chile.
However, Paul Gnadt, head of the regional secretary at the Ministry of Economy, says the index is not that strong in the long-term horizon: “there is certainly a good boom and even more so if we analyze each quarter. However, looking at the aspect, there is something wrong with the financial structure of the region, hence our united and low states.”
and some of the sectors that contribute to this less enthusiastic angle are construction, housing, retail, restaurants and inns. “The slowdown is a slow period of time technique, and different sectors are added, to which in this case we must include the economic turmoil in Argentina that affected retail and tourism.”
Likewise and beautifully, mining has also declined mainly from the open pit mines in Pecket, near Punta Arenas, and this as a result of lower global coal costs.
“All of this involves revealing the fragility of our existing financial structure, the robust dependence on the Argentine and mining and oil and gas markets if we finally discover satisfactory industrial volumes.”
while on the bright side, Gnadt outlined aquaculture and fishing, with an increase in Atlantic salmon harvesting; manufacturing, specifically methanol; Beer; beef farming; textiles; canned fish; forestry plus beef and wool.
In short, regardless of the slowdown, there are sectors that managed to stand out, such as agriculture, livestock and aquaculture, which help to generate vigor, transport and monetary resources. The regional economic cabinet is expected to meet in the near future to investigate the effects and determine those areas that are helping to sustain the local financial system.
