Chile Economic Activity October 2019

Chile

Chile: Economic activity crashes to over one-decade low in October on country-wide protests

December 2, 2019

In October, the IMACEC economic activity index contracted 3.4% on an annual basis, contrasting September’s 3.0% expansion and marking the lowest print since June 2009.

October’s slump was chiefly driven by a 4.0% dive in the non-mining economy, which contrasted the 3.6% expansion logged a month prior, as civil unrest routed supply chains and hampered demand across the service, manufacturing and commerce sectors. Conversely, the mining economy rebounded by 2.0%, after contracting 1.6% in September.

In month-on-month seasonally-adjusted terms, economic activity fell 5.4% over the previous month in October, following September’s 0.5% contraction.

On its September assessment, the Central Bank saw growth between 2.8%–3.8% in 2020 and between 3.0%–4.0% in 2021. FocusEconomics panelists project growth of 2.4% in 2020, which is down 0.4 percentage points from last month’s forecast, and 2.9% in 2021.


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Chile Economic Activity October 2019

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


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