Key View:

• This quarter we have revised down our forecast for Chile’s construction industry in 2020 to growth of -1.4%, down from our previous forecast of 2.3% y-o-y. This will mark a fall from estimated growth of 2.7% y-o-y in 2019.
• Falling private investment, due largely to elevated uncertainty amidst recent unrest, will be the primary driver

Key Views:

• The Chilean new vehicle market has become over-saturated after two straight years of double-digit sales growth and is heading for a correction.
• We have revised our vehicle sales forecast based on slowing demand in both the passenger vehicle (PV) and commercial vehicle (CV) segments.
• Vehicle sales will return to moderate growth in

Key View

• Chile’s prospective high-speed rail project linking Santiago and Valparaiso remains an upside risk to our growth forecast for Chile’s construction sector given its nascent stages of development.
• Interest from two international infrastructure groups in developing a privately financed high-speed rail line has given the project some

Key View:

• The early termination of a major Chilean port concession contract is a major setback to the development of the project, the expansion of Valparaiso’s Terminal 2.
• Concessionaire TCVAL’s decision to terminate the contract will lead to years of delays for the Terminal 2 project, slowing the expansion of port capacity in Chile.
• The role

Key View:

• Chile’s intentions to introduce compulsory licensing will significantly decrease the attractiveness of its pharmaceutical market.
• Concerns regarding poor regulatory data protection and weak patent enforcement reduce attractiveness further.
• While Chile remains an important source of revenue amongst countries in Latin America

Key View:

• We have upwardly revised our real growth forecast for Chile’s construction industry to 2.8% in 2019, up from 2.2% previously, on the back of stronger than expected investment in 2018 which will carry over into 2019.
• The advance of large-scale infrastructure and mining projects will be a key driver of overall construction industry