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