Chile: Economic activity expands at slowest rate in more than four years
August 5, 2014
In June, economic activity rose a timid 0.8% over the same month last year, according to the monthly indicator for economic activity (IMACEC). June’s print came in below the 2.3% increase recorded in May and disappointed the markets, which had expected the index to increase 2.0%. The figure marked the slowest expansion since March 2010. According to the Central Bank, the result mainly reflected a slowdown in the manufacturing sector.
On a monthly basis, economic activity fell 0.80%, which contrasted the 0.51% increase tallied in May. Annual average growth in economic activity fell from 3.3% in May to 3.0% in June, the lowest rate since June 2010, when the country was dealing with the aftermath of a devastating earthquake.
Author: Dirina Mançellari, Senior Economist