Chile: Economic activity accelerates in October
December 5, 2018
According to the IMACEC monthly economic activity index published by the Central Bank of Chile, economic activity rose 4.2% in annual terms in October, up from the previous month’s 2.1% increase. The print signaled the strongest expansion so far in the second half of the year and came on the heels of relatively soft third-quarter readings.
The overall expansion was led solely by the booming non-mining sector, with the non-mining index up 5.1% on annual basis in October (September: +5.5% year-on-year), on the back of solid performance of trade and manufacturing activity. Meanwhile, mining activity continued to contract in October, with the mining index down 6.1% year-on-year (September: -2.0% yoy).
In seasonally-adjusted terms, economic activity rose 0.2% month-on-month in October, down from a 0.4% increase in September. Meanwhile, growth in annual average economic activity remained stable at a four-year high of 4.0% for a third consecutive month in October.
Author: Almanas Stanapedis, Economist