Chile: Economic activity falls in March as Covid-19 bites
In March, the IMACEC economic activity index sank 3.5% on an annual basis (February: +2.7% year-on-year), as the measures to curtail the spread of Covid-19 ravaged the economy.
March’s downturn reflected a 4.0% contraction in the non-mining economy, contrasting a 2.0% expansion in February and largely reflecting plummeting activity in the services and retail sectors. Meanwhile, the mining economy grew 0.8%, significantly down from the 10.4% expansion registered a month prior.
In month-on-month seasonally-adjusted terms, economic activity plummeted 5.7% in March (February: +0.6% month-on-month).