Chile Business Confidence November 2019

Chile

Chile: Business confidence slumps to record low in November amid widespread protests

November 29, 2019

The business confidence index (IMCE), published by ICARE and the Adolfo Ibáñez University, plummeted to 36.6 points in November, contrasting the previous month’s 51.5 points result and marking the lowest print in the history of the series. As a result, the index dived below the crucial 50-point threshold that separates pessimism from optimism among Chilean businesses. The downturn reflected heightened uncertainties stemming from civil unrest that has rocked the country since mid-October and the proposed rewriting of the country’s constitution.

All four sub-components of the index fell markedly in November. Confidence in the commerce sector turned pessimistic, while confidence in the construction and industrial sectors fell deeper into negative territory. Meanwhile, sentiment in the mining sector remained in positive territory despite plunging.

Panelists surveyed for this month’s LatinFocus report project fixed investment to expand 2.1% in 2020, which is down 1.8 percentage points from last month’s forecast. For 2021, they project it to grow 3.8%.


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Chile Business Confidence November 2019

Note: Business Confidence Index (IMCE, Indicator Mensual de Confianza Empresarial). Values above 50 indicate optimistic perception, below 50 indicate negative perception.
Source: Universidad Adolfo Ibanez/ICARE


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