Chile: Economic activity beats market expectations
November 7, 2011
In September, economic activity expanded 5.7% over the same month last year according to the monthly indicator for economic activity (IMACEC, Indicador Mensual de Actividad Economica). The reading came in above both the 4.6% increase registered in August and market expectations, which had economic activity growing 5.0%. According to the Central Bank, the September reading benefited from an extra working day and reflected stronger commercial activity, which more than offset a deterioration in the mining sector. A month-on-month comparison showed that economic activity expanded 0.95% over the previous month in seasonally adjusted terms, which exceeded the 0.03% increase in August. However, annual average growth inched down from 6.9% in August to 6.8% in September. The Central Bank expects economic growth to range between 6.25% and 6.75% this year, and to moderate from 4.25% to 5.25% in 2012.