Chile Economic Activity May 2021


Chile: Economic activity grows at record pace in May on low base effect

July 1, 2021

Economic activity rose 18.1% in year-on-year terms in May, which followed April's 14.0% increase. May's print marked the strongest expansion on record and was flattered by a low base effect. Looking at the details of the release, the mining sector contracted in May, while the non-mining sector gained steam.

On a seasonally-adjusted monthly basis, economic activity rebounded strongly, rising 2.6% in May (April: -1.4% mom), the best result since September 2020. Meanwhile, the trend improved significantly, with the annual average variation of economic activity coming in at minus 0.9% in May, up from April's minus 3.6%.

FocusEconomics panelists see GDP growing 6.4% in 2021, which is up 0.1 percentage points from last month’s forecast. In 2022, GDP is seen expanding 3.4%.

Author: Massimo Bassetti, Senior Economist

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