Central Bank of Chile - Annual Report 2004

According to the Deutsche Bundesbank's Annual Report 2005, sustained monetary impulse and a favorable external environment during the first half of 2004 created an expansionary macroeconomic climate, but initially this was not clearly reflected in activity and expenditure growth.

'By the second half, lags in gross capital formation from late 2003 had disappeared, private consumption remained strong despite high fuel prices, exports were more robust and the labor market, after some weakness in mid

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