Chile Economic Activity July 2017


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.

The Central Bank sees GDP expanding between 1.0% and 1.75% in 2017 and between 2.5% and 3.5% in 2018. Panelists participating in the LatinFocus Consensus Forecast see the economy growing 1.5% in 2017 and 2.6% in 2018.

Author:, Economist

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Chile Economic Activity Chart

Chile Economic Activity July 2017 0

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

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