Chile Economic Activity August 2017


Chile: Economic activity expands at a solid pace in August

October 5, 2017

Economic activity rose 2.4% in August on an annual basis according to the Monthly Indicator for Economic Activity (IMACEC) published by Chile’s Central Bank, down from July’s 2.8% and slightly undershooting analysts’ expectations.

The mining IMACEC surged 9.2% in August, marking a second consecutive monthly increase, with production now well and truly back on track after a strike disrupted output in the first half of the year. The trade and services sectors also increased, more than compensating a decline in the construction sector. On a monthly basis, economic activity rose 0.3% in August in seasonally-adjusted terms, down from July’s 0.9% increase. Annual average economic growth dipped from 1.0% in July to 0.9% in August.

Finance Minister Nicolás Eyzaguirre took the figures as a sign that the recovery in the mining sector “is being transmitted gradually, but robustly, to the rest of the economy.”

The Central Bank sees GDP expanding between 1.25% 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 2.7% in 2018.

Author:, Economist

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Chile Economic Activity Chart

Chile Economic Activity August 2017

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

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