— largely its imported part — will decelerate from the first half of the year, affected by the depreciation of the peso. the support that household spending receives in the baseline scenario from the recovery of the labor market should help offset this effect ( figure 5 ). one positive recent surprise has been the greater dynamism of investment, especially in machinery and equipment, which outperforms gdp growth in our projections for the period 2018 - 2020. the greater contribution that is foreseen for mining investment stands out, in line with the near 40 % growth that it showed in the first quarter of this year. the new five - year plan announced by codelco is added as background. in any case, generating conditions for the development of larger projects remains a challenge if we are to sustain high growth rates. this is especially relevant if one considers that the observed and projected currency depreciation in the baseline scenario will reduce spending on tradable goods, and that an important part of this greater investment is explained by capital replacement needs. on the construction side, activity shows more limited dynamism. with this, gfcf as a percentage of gdp — in both nominal and real terms — will reach 21. 7 % this year and will border 22 % next year ( table 1 ). regarding fiscal policy, our working assumption is that in 2018 the economy will receive a fiscal impulse consistent with the current budget. from then on, we assume that the structural deficit will follow the path of gradual reduction defined by the authority. although the cbc is an independent organization and does not coordinate its monetary policy decisions with the government, it does need to anticipate the evolution of the fiscal position as part of the macro framework within which it makes its decisions. the operation of a structural rule and the establishment of a path with annual goals for it helps to provide more certainty to the formulation of monetary policy, while allowing the budget ’ s automatic stabilizers to operate, letting monetary policy assume the main countercyclical role. in the projections i have just presented, we estimate that the impulse the chilean economy will receive from abroad will fall somewhat short of our june estimates, particularly because of lower terms of trade. in recent weeks, copper has approached its long - term levels faster than we thought. therefore, our projections are down from june, to us $ 2. 95 per pound this year, 2. 85 in 2019 and 2. 8 in 2020. for its part, the oil price has moved

indicators ( annual change, percent ) cpi services cpiefe ( * ) goods - 1 - 1 ( * ) for definition, see glossary. sources : central bank of chile and national statistics institute ( ine ). figure 10 cpi inflation ( * ) cpiefe inflation ( * ) ( annual change, percent ) ( annual change, percent ) 11 12 13 14 15 16 17 18 19 20 sep. 18 report 11 12 13 14 15 16 17 18 19 20 jun. 18 report ( * ) gray area shows forecast as from third quarter of 2018. sources : central bank of chile and national statistics institute ( ine ). figure 11 characteristics of debt issued by companies reporting to the fmc ( * ) ( percent of gdp ) accounting in clp accounting in usd mismatch > 10 % mismatch < 10 % private enterprises state - run enterprises private enterprises accounting in usd accounting in clp other ( * ) information up to 2017. source : central bank of chile using sbif and fmc information.