Protests slam Chile’s economy: GDP down 3.4% in October

SANTIAGO, Chile – The protests that have swept across Chile over the past month have caused a big hit to its economy.

The country’s Central Bank says GDP contracted by 3.4% in October and analysts says November’s performance could be worse.

Protests sparked by a subway far hike broke out on Oct. 18 and quickly broadened into a social movement demanding greater equality. Most protests were peaceful, but many evolved into violence, with arson, looting and clashes between masked protesters and security forces.

Many stores were closed for two weeks and several subway lines remain out of service.

Economy Minister Lucas Palacio tweeted that Monday’s figures “reflect the social impact of violence in our country.”