Chile | Although fiscal deficit closed at 2.2% in 2015, room for maneuver will narrow

Summary

Due to positive surprises in non-cyclical revenues (related to one-timers in both tax reform and anti-trust fines) and an under-execution in government investment, effective fiscal deficit reaches a 2.2% of GDP in 2015 while structural balance reaches a deficit at 0.3% of GDP, below of government projection in September 2015.

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