Chile: Contraction in economic activity softens considerably in October
In October, the IMACEC economic activity index dipped 1.2% on an annual basis, following a 4.8% contraction in September.
October’s fall reflected a 1.5% contraction in the non-mining economy (September: -5.2% yoy), driven by contractions in activity in the services sector partially offset by growth in the retail and manufacturing sectors. Meanwhile, the mining economy expanded 1.6%, contrasting September’s 2.0% fall.
In month-on-month seasonally-adjusted terms, economic activity dipped 0.5% in October (September: +5.2% month-on-month seasonally-adjusted).