Chile Economic Activity July 2022

Chile

Chile: Economic activity growth falls to over one-year low in July

September 1, 2022

Economic activity expanded 1.0% year on year in July (June: +3.3% yoy). The figure marked the worst reading since February 2021. July's figure was largely due to a sharper fall in the mining sector. In addition, the non-mining sector weakened amid a faster contraction in wholesale and retail sales.

On a monthly basis, economic activity fell 1.1% in seasonally-adjusted terms in July, which was below June’s 0.3% fall and marked the worst result since May 2020. Meanwhile, annual average economic activity growth fell to 8.9% in July (June: +10.3%), pointing to a worsening trend.

FocusEconomics panelists see GDP growing 2.0% in 2022, which is unchanged from last month’s forecast. In 2023, GDP is seen expanding 0.2%.


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Chile Economic Activity July 2022

Note: Year-on-year changes and annual average growth rate in %.
Source: Central Bank of Chile (BCC) and FocusEconomics calculations.


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