Chile Economic Activity August 2020

Chile

Chile: Contraction in economic activity sharpens in August

October 5, 2020

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).

FocusEconomics panelists project the economy to contract 3.2% in 2020, which is unchanged from last month’s forecast, and 4.0% in 2021.


Author: Massimo Bassetti, Senior Economist

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Chile Economic Activity August 20 20

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


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