Chile: Economic activity growth rises in March
Economic activity grew 7.2% compared to the same month of the previous year in March, which followed February’s 6.8% increase and was above market expectations of 6.3% growth. March’s reading came amid a weaker contraction in the mining sector. In contrast, the non-mining sector decelerated slightly.
On a monthly basis, economic activity rose 1.6% in seasonally-adjusted terms in March, rebounding from February’s 0.7% fall and marking the best result since July 2021. Meanwhile, annual average growth of economic activity was 13.7% in March, matching February’s figure.
The sharp fall in Covid-19 cases during March could have aided the overall reading, with personal and transport services recording strong expansions in the month. However, the IMACEC readings for Q1 as a whole still show a clear deceleration in the economy relative to Q4.