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Chile Economic Activity January 2024

Chile: Economic activity expands at quickest pace since June 2022 in January

Economic activity increased 2.5% compared to the same month of the previous year in January, which contrasted December’s 1.0% decrease and market forecasts of a 0.1% drop. January’s print marked the best reading since June 2022. The notable rebound reflected recoveries in the mining and non-mining sectors.

On a monthly basis, economic activity increased 1.7% in seasonally adjusted terms in January, rebounding from December’s 1.0% fall and marking the best result since August 2022. Meanwhile, the trend improved slightly, with the annual average variation of economic activity coming in at 0.0% in January, up from December’s minus 0.2%.

The January data chimes with our panelists’ forecasts for an acceleration in economic activity in both quarterly and annual terms in Q1, aided by lower inflation and interest rates.

On the economy, Goldman Sachs’ Sergio Armella said:

“We highlight a meaningful strengthening of activity in January. The unemployment rate edged down, industrial production rebounded, and retail sales exhibited a strong expansion. Together with […] strong IMACEC print, data for January reaffirm our assessment that the bulk of the macroeconomic adjustment is behind and we expect growth to firm into 2024.”

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