Chile Economic Activity October 2021

Chile

Chile: Annual economic activity growth improves in October; momentum eases in sequential terms

December 1, 2021

Economic activity increased 15.0% compared to the same month a year earlier in October, which was above September's 14.8% increase. Looking at the details of the release, the mining sector bounced back in October, likely aided by the end of labor disputes in the industry, while the non-mining sector rose at a weaker rate.

On a monthly basis, economic activity grew 0.8% in seasonally-adjusted terms in October, which was below September’s 1.2% expansion and marked the worst result since April. Meanwhile, the trend improved significantly, with the annual average growth of economic activity coming in at plus 9.8% in October, up from September's 8.4% reading.

FocusEconomics panelists see the economy growing 2.7% in 2022, which is down 0.1 percentage points from last month’s forecast. For 2023, they see the economy expanding 1.9%.


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Chile Economic Activity October 2021 1

Note: Year-on-year changes and annual average growth rate in %.
Source: Central Bank of Chile (BCC) and FocusEconomics calculations.


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