Chile Economic Activity April 2018


Chile: Economic activity growth hits a fresh multi-year high in April

June 5, 2018

Economic activity jumped 5.9% in April in annual terms, according to the Monthly Indicator for Economic Activity (IMACEC) published by the Central Bank of Chile. The result came in above the previous month’s 4.6% growth, once again comfortably overshooting analysts’ expectations of a more modest 3.0%–4.0% increase. April’s print marked the most robust expansion in economic activity in five years and confirmed that growth momentum continued strengthening at the outset of the second quarter.

The impressive expansion was led by a strong non-mining activity growth, with the non-mining index rising 6.2% year-on-year in April (March: +2.9% year-on-year) on the back of booming manufacturing, trade and services activity. In contrast, mining IMACEC growth decelerated sharply in April, increasing just 4.6%, down significantly from the previous month’s impressive 31.7% growth. April’s moderation, however, reflected a base effect owing to the shutdown of the La Escondida mine in the first quarter of last year.

In seasonally-adjusted terms, economic activity fell 0.4% in April from a month earlier, contrasting March’s 0.4% growth.

The Central Bank sees GDP expanding between 3.0% and 4.0% in 2018, and between 3.3% and 4.3% in 2019. Panelists participating in the LatinFocus Consensus Forecast see the economy growing 3.3% in 2018, which is unchanged from last month’s forecast. In 2019, they see growth steady at 3.3%.

Author:, Research Team Manager

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Chile Economic Activity Chart

Chile Economic Activity April 2018

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

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