Chile Economic Activity June 2017


Chile: Economic activity indicator picks up speed in June

August 7, 2017

Economic activity rose 1.4% in June on an annual basis, according to the Monthly Indicator for Economic Activity (IMACEC) published by Chile’s Central Bank, beating market expectations of a 1.1% increase. This followed May’s slightly softer 1.3% increase, and is a further sign that the economy is gradually dusting itself off following a sickly performance in the February-April period.

The decline in the mining IMACEC softened sharply in June, as production at the Escondida mine continued to ramp up again following a protracted labor dispute. In this sense, the recent avoidance of strike action at the Zaldivar and Centinela mines thanks to government-mediated talks bodes well for the continuing recovery of the mining IMACEC going forward. The trade and service sectors grew at a healthy rate in June, more than compensating for falls in the construction and manufacturing sectors. On a monthly basis, economic activity rose 0.5% in seasonally adjusted terms, mirroring May’s figure. The overall trend in June was flat, with annual average economic growth remaining at 0.8%.

The Central Bank sees GDP expanding between 1.0% and 1.75% in 2017 and between 2.5% and 3.5% in 2018. Panelists participating in the LatinFocus Consensus Forecast see the economy growing 1.5% in 2017 and 2.6% in 2018.

Author:, Economist

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Chile Economic Activity Chart

Chile Economic Activity June 2017

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

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