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Chile Economic Activity April 2022

Chile: Annual economic activity growth improves in April, but economy contracts in monthly terms

Economic activity expanded 6.9% year-on-year in April (March: +6.4% yoy). Looking at the details of the release, the mining sector fell at a sharper pace in April, while the non-mining sector gained momentum.

On a seasonally-adjusted monthly basis, economic activity fell 0.3% in April (March: +1.4% mom), the fourth month-on-month fall in the last five months. Meanwhile, the trend pointed down, with the annual average growth of economic activity coming in at 12.8%, down from March’s 13.6% reading. April’s figures are in line with our analysts’ expectations for Q2: In the quarter, while year-on-year growth should remain respectable on a favorable base effect, activity is seen contracting in quarterly terms as higher inflation and tighter financial conditions bite.

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