Chile Economic Activity March 2021


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).

FocusEconomics panelists project the economy to expand 4.8% in 2021, which is unchanged from last month’s forecast, and 3.4% in 2022.

Author: Massimo Bassetti, Senior Economist

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Chile Economic Activity Chart

Chile Economic Activity March 2021

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

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