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