Chile: Economic activity grows at slowest pace in more than four years
September 5, 2014
In July, economic activity rose a timid 0.9% over the same month a year before, according to the monthly indicator for economic activity (IMACEC). July’s print came in below the 1.1% increase recorded in June; however, it overshot the 0.4% rise the markets had expected. The figure marked the slowest increase since March 2010. According to the Central Bank, the result mainly reflected a slowdown in the manufacturing industry, wholesale trade and automobiles sales.
On a monthly basis, economic activity rose a seasonally-adjusted 0.5%, which contrasted the 0.8% decrease tallied in June. Annual average growth in economic activity fell from 3.0% in June to 2.6% in July, the lowest rate since May 2010, when the country was dealing with the aftermath of a devastating earthquake.
Author: Dirina Mançellari, Senior Economist