Chile Economic Activity July 2020

Chile

Chile: Contraction in economic activity softens but remains sizable in July

September 14, 2020

In July, the IMACEC economic activity index fell 10.7% on an annual basis, beating market expectations and following a 12.9% contraction in June.

July’s fall reflected a 12.0% contraction in the non-mining economy (June: -14.5% yoy), largely driven by severe contractions in activity in the construction and services sectors. Meanwhile, the mining economy grew 1.4%, following June’s 2.5% uptick.

In month-on-month seasonally-adjusted terms, economic activity rose 1.7% in July (June: +0.8% 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 July 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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