On 12 December 2016, Chile's Central Bank released the results of its monthly survey on Economic Expectations. The survey respondents were 57 academics, consultants, and advisors to financial institutions. Forecasts were more pessimistic than in previous months, reducing the GDP growth expectations for 2016 to 1.6 percent from a previous level of 1.7 percent. Expectations for 2017 and 2018 were left untouched, remaining at 2 and 2.8 percent respectively (La Nación). The experts consulted also expected a 0 percent inflation rate for December, and a 0.2 percent increase in January 2017. Within this context, and in light of the poor economic activity data released for the month of October 2016, the survey results forecasted that the Central Bank's interest rate would remain at 3.5 percent for the remainder of 2016, with expectations of a 0.5 percent reduction during 2017 (La Vanguardia).