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Chile's GDP grows 4.2% in Q1, fastest pace since 2013

Chile's gross domestic product grew by 4.2% year over year during the first quarter of 2018, its best level since the third quarter of 2013, according to data released by Banco Central de Chile.

The economy's first-quarter expansion beat expectations from analysts, who were betting on a 4% expansion, Diario Financiero reported.

The period had one business day less than the first quarter of 2017, resulting in a calendar effect equal to negative 0.1 percentage point, the central bank said.

Growth was recorded in a majority of economic activities, the central bank said, highlighting a 19.3% expansion in mining. Trade and services also advanced while agricultural and livestock activities and fishing contracted.

In terms of spending, the expansion of the GDP was driven by domestic demand and, to a lesser extent, a rise in net exports.

Compared to the previous quarter, the country's GDP expanded 1.2%.

The central bank expects the Chilean economy to grow between 3.0% and 4.0% in 2018. The International Monetary Fund, meanwhile, projects a 3.4% expansion for Chile's GDP this year.