Chile witnessed a significant rebound in consumer credit gross lending in 2021 following the previous year’s drop. However, the value of some lending categories remained below pre-pandemic levels.
Inflation in Chile is continuing to escalate, hitting its highest level in decades. While financial support in 2021 encouraged greater spending among Chileans, especially on non-essential goods or services, there were adverse effects at an aggregate level, such as the additional pressure on inflation (mainly non-tradable) and the rise in long-term interest rates.
The Chilean economy presented a strong recovery in 2021, reaching one of the highest growth rates in the region and globally. In particular, activity had an aggregate expansion of 12% over the year, more than offsetting the effect of the 5.
Mortgage/housing loans continue to exhibit low dynamism in new operations, and since mid-2021 have led to a continual weakening of demand. Among other factors, a drop in consumer sentiment is being driven by a deterioration in the labour market.
The inflation control measures taken by the Central Bank since the end of 2021 should reach their most restrictive point during 2022 and begin to relax over 2023. The consequent rate reduction could reactivate the local economy and boost consumer lending.
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Understand the latest market trends and future growth opportunities for the Consumer Lending industry in Chile with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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Aggregate of Consumer Credit and Mortgages/Housing. Gross Lending: The total value of loans advanced by institutions in a given year; data refers to single year only. Outstanding Balance: The collective amount owed by borrowers at the end of a given year; data refers to the cumulative impact of debt.See All of Our Definitions
This report originates from Passport, our Consumer Lending research and analysis database.
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