Chile Economic Activity May 2020

Chile

Chile: Economic activity contracts at fastest rate on record in May

July 1, 2020

In May, the IMACEC economic activity index sank 15.3% on an annual basis (April: -14.1% year-on-year), marking the largest drop on record as the measures to curtail the spread of Covid-19 ravaged the economy.

May’s fall reflected a 17.0% contraction in the non-mining economy (April: -15.5% yoy), largely driven by the collapse of activity in the retail sector and, to a lesser extent, in construction and manufacturing. Meanwhile, the mining economy grew 1.2%, contrasting April’s 0.1% dip.

In month-on-month seasonally-adjusted terms, economic activity dropped 3.4% in May (April: -8.3% month-on-month seasonally-adjusted).

FocusEconomics panelists project the economy to contract 3.2% in 2020, which is unchanged from last month’s forecast, and 4.0% in 2021.


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Chile Economic Activity May 20 20 0

Note: Year-on-year changes and annual average growth rate in %.
Source: Chile Central Bank (BCC) and FocusEconomics calculations.


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