Chile: Economic activity accelerates in May
July 5, 2012
In May, economic activity expanded 5.3% over the same month a year ago, according to the monthly indicator for economic activity (IMACEC). The reading represented an acceleration compared to the 4.8% expansion observed in April and surprised market analysts on the upside, as they had seen economic activity slowing to a 4.3% increase. The monthly acceleration was mainly driven by faster growth in commerce and other services as well as in manufacturing output. On a monthly basis, economic activity increased a seasonally adjusted 0.43% in May, which was slower than the 0.50% expansion observed in April. Annual average growth in economic activity edged down from 4.9% in April to 4.7% in May. In June, the Central Bank left its growth forecast unchanged and expects the economy to expand between 4.0% and 5.0% this year.