Chile: Contraction in economic activity sharpens in August
In August, the IMACEC economic activity index fell 11.3% on an annual basis, deeper than market expectations of a 8.5% decline and following a 10.7% contraction in July.
August’s fall reflected a 12.2% contraction in the non-mining economy (July: -12.0% yoy), largely driven by severe contractions in activity in the construction and services sectors. Meanwhile, the mining economy contracted 3.4%, contrasting July’s 1.4% uptick.
In month-on-month seasonally-adjusted terms, economic activity rose 2.8% in August (July: +1.7% month-on-month seasonally-adjusted).