Chile’s economic growth slowed to a 12-month low in the first quarter of 2018, according to data released on Wednesday.
The country’s gross domestic product (GDP) contracted by 0.1% in the quarter.
The economy contracted by 1.2% in Q2 2018, the first quarterly decline since the start of the year.
The economy is expected to contract by 2.3% in 2019.
The latest GDP figures show that Chile lost ground from its pre-crisis peak of 6.8% in 2014.
The previous low was 7.1%.
Chile’s economy has been on a downward spiral for years, with the government struggling to keep pace with an increasing number of job losses.
The government also struggles to meet its international commitments for the development of its economy, which have been slow to come through.
Chile was rated as the worst performer in Latin America by the United Nations Development Program (UNDP), which tracks the performance of emerging economies in each of its five development pillars.
The report said Chile’s GDP fell in five of the six categories.
According to the latest OECD statistics, Chile’s trade surplus dropped from $1.7bn to $9.4bn in the second quarter, while its trade deficit with its neighbours was up from $4.6bn to more than $14bn.
The trade deficit was the highest in the region for the first time in the last five years.
The country has had a very tough time keeping pace with a drop in imports.
Its trade surplus with Argentina was $6.9bn, up from the $4bn recorded in the third quarter of 2019.
But Chile has maintained a strong trade relationship with Argentina.
It has also continued to export to Argentina.
Chiles exports to the world rose by 1% to $4,721 million in the fourth quarter, but imports from Argentina fell by 2% to nearly $6bn.