Skyline in Chile

Chile Economic Activity May 2024

Chile: Economic activity growth loses pace in May

Economic activity grew 1.2% year on year in May (April: +3.5% yoy), below market expectations. Looking at the details of the release, the mining sector gained traction in May, while the non-mining sector increased at a weaker rate.

On a monthly basis, economic activity decreased 0.4% in seasonally adjusted terms in May, which was below April’s 0.3% fall. Meanwhile, annual average economic activity growth rose to 1.2% in May (April: +1.0%), pointing to an improving trend.

On the economy and implications for prices, Goldman Sachs’ Sergio Armella said:

“Overall, real GDP readings for the past three months (March-May) have been weak. This is particularly true for non-mining activity, as mining activity has continued to be volatile. These data contrast to that of the beginning of the year when growth was very robust. Despite the central bank’s hawkish guidance on the back of a large foreseen increase in electricity tariffs, inflationary pressures on the demand side should be more contained as the output gap remains around zero.”

Free sample report

Access essential information in the shortest time possible. FocusEconomics provide hundreds of consensus forecast reports from the most reputable economic research authorities in the world.
Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest