Chile: Economic activity beats market expectations
December 5, 2012
In October, economic activity expanded 6.7% over the same month a year ago, the strongest expansion since December 2010, according to the monthly indicator for economic activity (IMACEC). The reading represented an acceleration compared to the revised 4.9% expansion observed in September (previously reported: +4.6% year-on-year) and exceeded market expectations of a 6.2% increase. The monthly reading was driven by firm growth in manufacturing as well as in commerce, according to the Central Bank. In addition, the figure enjoyed three extra working days than the same month last year. On a monthly basis, however, economic activity fell a seasonally adjusted 0.46% in October, which contrasted the 0.66% expansion observed in September. Annual average growth in economic activity rose to 5.6% from 5.3% in September.