Chile: Economic activity growth picks up in November

Economic activity rose 3.2% in November on an annual basis according to the Monthly Indicator for Economic Activity (IMACEC) published by Chile’s Central Bank, up from October’s 2.9% and markedly overshooting analysts’ expectations of a 2.4% uptick.

In contrast to previous months, growth was driven by the non-mining sector, which rose a robust 3.2% thanks to the manufacturing, services and trade sectors. Mining sector growth slowed compared to the prior month, from 11.1% in October to 2.9% in November on tougher prior-year comparatives. Economic activity rose 0.7% in November from a month earlier in seasonally adjusted terms, contrasting October’s 0.2% decline.

Chile GDP Forecast

The Central Bank sees GDP expanding between 2.5% and 3.5% in 2018. Panelists participating in the LatinFocus Consensus Forecast see the economy growing 2.8% in 2018 and 3.0% in 2019.