The economy is expected to grow by around 4% in 2014, according to the central bank’s monthly survey of economic forecasts published January 2014, which reflects the views of around 60 economists, academics, and financial executives. The bank also lowered its outlook for Chile’s GDP growth in 2015 by 10 basis points (0.1%) to 4.3%. The economy slowed from 5.6% in 2012 to around 4.2% in 2013, according to the central bank’s monetary policy report. The bank’s panel of experts added that they expected inflation of 3% in 2014, almost unchanged from 2013. The slowdown in China has affected Chile. Copper provides 20% of GDP and 60% of exports, with China the dominant source of global demand. Falling copper demand along with declining prices have thus hurt Chile. According to the central bank, the country’s trade surplus also narrowed in 2013 to US$2.38 billion, compared with US$3.42 billion in 2012, mainly because of lower copper prices. The central bank cut interest rates in October and November 2013 amid signs of a slowing economy and subdued inflationary pressures. The benchmark interest rate stood at 4.5% in December 2013.