) jun. 15 mp report sep. 15 mp report dec. 15 mp report 2016 ( f ) sep. 15 mp report 2016 ( f ) dec. 15 mp report 2, 0 - 3, 0 gdp 4. 2 1. 9 2, 25 - 3, 25 2, 0 - 2, 5 2. 1 2, 5 - 3, 5 domestic demand 3. 7 - 0. 6 2. 6 2. 0 2. 3 3. 1 2. 6 domestic demand ( w / o inventory change ) 4. 6 0. 5 2. 2 1. 4 2. 0 3. 0 2. 5 gross fixed capital formation 2. 1 - 6. 1 0. 7 - 1. 2 0. 7 1. 9 1. 7 total consumption 5. 5 2. 5 2. 7 2. 1 2. 4 3. 3 2. 7 goods and services exports 3. 4 0. 7 1. 3 - 1. 7 - 1. 7 1. 2 1. 0 goods and services imports 1. 7 - 7. 0 1. 1 - 2. 3 - 1. 4 2. 2 1. 6 current account ( % of gdp ) - 3. 7 - 1. 2 - 0. 4 - 0. 7 - 1. 7 - 1. 5 - 2. 6 gross national savings ( % of gdp ) 20. 6 20. 3 21. 0 20. 8 20. 0 20. 0 19. 1 nominal gross fixed capital formation ( % of gdp ) 23. 8 22. 0 21. 6 21. 5 22. 0 21. 5 21. 9 ( f ) forecast. source : central bank of chile. bis central bankers ’ speeches figure 4 lending interest rates ( 1 ) ( percent ) ( 1 ) weighted average rates for all operations performed each month. ( 2 ) dashed horizontal lines show ten - year average for each series. ( 3 ) interest rates on credits in ufs. source : central bank of chile based on sbif data. figure 5 sovereign risk premiums in emerging economies ( 1 ) ( basis points ) latin america europe asia chile ( 1 ) the dotted vertical line marks the statistical cutoff date for the september 2015 mp report. ( 2 ) measured by 5 - year cds premiums. simple average of countries in each region. ( 3 ) includes brazil, colombia, mexico, panama and peru. ( 4 ) includes bulgaria, croatia, the czech republic, hungary and turkey. ( 5 ) includes

has its limits too, which we must respect if we do not want this essential pillar of price stability to weaken. this is why, after having higher and more persistent inflation levels than we had foreseen, we have decided to withdraw part of the monetary impulse, with the objective of bringing inflation to the target within a two - year horizon. monetary policy will remain expansionary, with the real rate below its neutral level for a prolonged period of time. with that, we are certain that we will continue to contribute to the recovery of growth and hold unemployment within boundaries. but, at the same time, we will also ensure the achievement of price stability. i would like to conclude by emphasizing that, despite the pessimistic atmosphere associated with the developments in the world economy, plus the cases of collusion and other legal issues and, i will say it, the stress that has pervaded some important local discussions, from a macro standpoint the conditions to resume strong growth are present. however, we must be ready to confront a more complex scenario. this means that every aspect that i have mentioned has to improve. as for monetary policy and our role as financial regulator, we will continue to work to pursue the objectives that we have been entrusted, namely to safeguard price stability and ensure the normal functioning of internal and external payments. thank you. bis central bankers ’ speeches figure 1 inflation indicators ( * ) ( annual change, percent ) services efe cpi cpiefe good efe - 2 - 2 - 4 - 4 - 6 - 6 jul. jul. jul. jul. jul. ( * ) as from january 2014, the new indexes with annual base 2013 = 100 are used, so they are not strictly comparable with earlier figures. sources : central bank of chile and national statistics institute ( ine ). figure 2 labor market ( percent ; annual change, percent ) unemployment rate wages employment - 2 - 2 ( 1 ) spliced series using monthly variation in february 2010. ( 2 ) for nominal wages, average ulc and irem were used. spliced series using monthly variation in february 2010. sources : central bank of chile and national statistics institute ( ine ). bis central bankers ’ speeches figure 3 gdp, domestic demand and components ( annual change, percent ) domestic demand consumption gdp gross fixed capital formation ( right axis ) - 3 - 7 - 6 - 14 source : central bank of chile. table 1 domestic scenario ( annual change, percent ) 2015 ( f