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Chile's economy expanded at its fastest pace in four years in the second quarter as consumer spending increased.
The economy grew 5.1 percent from the same period a year ago, exceeding the 4.8 percent growth rate in the first quarter. The 5.1 percent growth rate is the fastest since the second quarter of 2000, when it also grew 5.1 percent, according to the central bank.
Chilean retail sales rose in 6.9 percent in July from the same period in 2003, powered by higher sales for home appliances, such as refrigerators and stoves, according to the country's National Chamber of Commerce report.
It was the third largest increase this year and was higher than the 1.3 percent rise in June. Home appliance sales climbed 9.7 percent.
Chilean consumer prices climbed 1.4 percent in the 12 months through July, about half the central bank's target level of 3 percent annually. (Bloomberg)
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