Chile: Economic activity jumps partly on low-base effect in March
May 4, 2021
In March, the IMACEC economic activity index jumped 6.4% on an annual basis, contrasting a 2.2% drop in February.
March’s decline benefited from a low-base effect, as March 2020 marked the onset of the Covid-19 pandemic, and reflected a 7.3% jump in the non-mining economy (February: -1.6% yoy) as well as a 1.8% increase in the mining economy (February: -4.9% yoy). The surge in the non-mining economy was driven by broad-based expansions in activity in the industry, mining, services and trade sectors.
In month-on-month seasonally-adjusted terms, economic activity dropped 1.6% in March (February: +0.8% month-on-month seasonally-adjusted).