Chile: Economic activity expands at a robust pace in July
September 5, 2017
Economic activity rose 2.8% in July on an annual basis according to the Monthly Indicator for Economic Activity (IMACEC) published by Chile’s Central Bank, substantially overshooting analysts’ expectations of a 2.1% increase and coming in at double June’s 1.4% increase. July’s figure is a further sign that the economy is on the mend after stalling in Q1.
The mining IMACEC surged 5.2% in July, marking the first increase since January, as production recovered following the end of the mining strike at Escondida. The trade, service, fishing and manufacturing sectors also expanded, supporting the overall figure. On a monthly basis, economic activity rose 0.9% in July in seasonally-adjusted terms, up from June’s revised 0.4% increase (previously reported: +0.5% month-on-month). Annual average economic growth picked up from 0.8% in June to 1.0% in July.
Author: Oliver Reynolds, Economist