SANTIAGO, Oct. 2 (Xinhua) -- Chile raised its economic growth forecast from 3.8 percent to 4.1 percent for the year due to increased investment in the construction industry, Finance Minister Felipe Larrain said Tuesday.
"Despite external turmoil, the Chilean economy is recuperating with strength," the minister said at a press conference.
If the adjusted forecast is met, the Chilean economy would record its biggest expansion since 2013, when growth rose 4 percent, according to the World Bank.
The price of copper is predicted to be 2.96 U.S. dollars per pound, lower than the 3.12 U.S. dollars forecast in June, said the minister.
Chile is the world's top copper exporter, roughly accounting for a third of the total global exports. Income from the copper industry is a major contributor to Chile's national economy.
From January to June this year, Chile's non-mining industries outperformed mining ones, Larrain said.
Projected growth for 2019 is 3.8 percent, the minister said.
Chile's economic growth slowed between 2014 and 2017 as copper prices declined, which negatively affected private investment and exports, according to the World Bank.
Sebastian Pinera, a conservative billionaire and former president who campaigned under the promise of economic growth and stability, was elected to the presidency in December 2017. Pinera once said he wants to lower corporate taxes to boost investment.
Chile's economic growth recovered in 2018, with a rate of 4.8 percent in the first half of the year, according to the Word Bank.
