Chile: Economic activity eases but beats forecasts in June
August 5, 2011
In June, economic activity expanded 6.1% over the same month last year, according to the monthly indicator for economic activity (IMACEC, Indicador Mensual de Actividad Economica). The reading came in below the 7.3% increase registered in May but beat market expectations, which had economic activity growing 5.7%. According to the Central Bank, the June increase mainly reflected strong growth in the manufacturing and retail sectors. A month-on-month comparison does not corroborate the deceleration suggested by the annual figures, as economic activity rose 0.66% over the previous month in seasonally-adjusted terms, above the 0.43% increase in May. In spite of the expansion in June, annual average growth remained unchanged at May's 7.2%. The Central Bank expects economic growth to range between 6.0% and 7.0% this year.