Chile Economic Activity June 2020

Chile

Chile: Contraction in economic activity softens but remains sharp in June

August 1, 2020

In June, the IMACEC economic activity index fell 12.4% on an annual basis, beating market expectations of a sharper 14.5% dive and following a 15.3% contraction in May which had marked the largest drop on record.

June’s fall reflected a 14.0% contraction in the non-mining economy (May: -17.0% yoy), largely driven by severe contractions in activity in the construction and services sectors. Meanwhile, the mining economy grew 2.2%, following May’s 1.2% uptick.

In month-on-month seasonally-adjusted terms, economic activity rose 1.7% in June (May: -3.4% 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 June 20 20 0

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


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