Chile Economic Activity November 2016

Chile

Chile: Economic activity in November remains subdued

January 5, 2017

Economic activity rose 0.8% in November compared to the same month of the previous year, according to the Monthly Indicator for Economic Activity (IMACEC). The figure marked an improvement from the 0.4% contraction observed in October, although it undershot market expectations of a 1.2% rise and remained one of the lowest rates in recent years. According to the Central Bank, November’s growth reflects expansion in the mining and trade sectors, while the manufacturing sector contracted.

On a monthly basis, economic activity in November grew 0.7% in seasonally-adjusted terms, contrasting October’s 1.2% fall. The overall trend continued to decline in November, with annual average growth in economic activity dipping to 1.6% from 1.7% in October. This marks the lowest reading since April 2010.

The Central Bank sees GDP expanding between 1.5% and 2.5% in 2017. Panelists participating in the LatinFocus Consensus Forecast see the economy growing 2.2% in 2017, which is up 0.1 percentage points from last month’s forecast. For 2018, the panel expects the economy to pick up speed and expand 2.7%.


Author:, Economist

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Chile Economic Activity November 2016

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


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