As a working assumption we assume that the MPR will follow a trajectory similar to the one implied by financial asset prices during the ten days prior to this statistical closing of this Report. Thus, we assure that monetary policy will have responded swiftly to the changes in economic conditions and will remain expansionary through the whole projection horizon (figure 12). As always, the conduct of monetary policy and any possible adjustments to the MPR will be contingent on the effects of incoming information on the projected inflation dynamic. On the external front, there are some sources of uncertainty that may have significant effects but by their nature are very hard to quantify. For example, political and economic uncertainty surrounding European elections, worries about Brexit implementation and possible shifts towards protectionism in several developed economies. Other risks that have long lingered in the external scenario have varied in intensity. The US economy has evolved favorably, averting the risk of a new recession. The much awaited fiscal impulse could help to sustain somewhat higher growth in the years to come. However, it is also a source of risk, as its implementation may have problems or inflationary effects that might trigger a faster withdrawal of the monetary impulse, creating disruptions in financial markets. China continues to be a source of concern, especially its leverage, although its authorities have successfully weathered its gradual slowdown without causing disruptions, and this has been welcomed by markets.
13  Figure 3 GDP evolution (real annual change, percent)  3,5  3,5  3,0  Other  2,5 2,0  3,0 2,5 2,0  1,5  Total  1,5  1,0  1,0  0,5  0,5  0,0  0,0 14  15  16  Source: Central Bank of Chile. Figure 4 Other sectors (real annual change, percent)  8  Personal services  6  8 6  Trade  4 2  Construction  0  4 2 0  Manufacturing  -2  -2 Business services  -4 14  15  -4  16  Source: Central Bank of Chile. 14  Figure 5 Consumption  GFCF  (real annual change, percent)  (real annual change, percent)  8 8  8  20  Construction and other works  Durable  Non-durable  4 4  10  0  0 0  0  -4  -4-4  -10  4  Machinery & equipment (right axis)  -8  -8-8 14  15  16  -20 14  15  16  Source: Central Bank of Chile.