Chile: Economic activity records largest contraction in 10 months in February
Economic activity slid 0.5% year on year in February (January: +0.1% yoy). The reading was due to softer growth in the mining sector and a sharper contraction in non-mining activity, and confounded market expectations for an expansion.
On a monthly basis, economic activity declined 0.3% in seasonally adjusted terms in February, contrasting January’s 1.6% expansion. Meanwhile, annual average economic activity growth fell to 1.2% in February (January: +1.8%).