Chile: Economic activity loses steam despite mining rebound in November
January 7, 2019
According to the IMACEC monthly economic activity index , economic activity rose 3.1% year-on-year in November, decelerating from the 4.2% increase logged in October. Despite the weaker print, the expansion surpassed analyst’s expectations.
November’s reading presented a rebound of mining activity, which grew 5.5% on an annual basis after contracting for four consecutive months (October: -6.1% year-on-year). Meanwhile, non-mining activity cooled from a month earlier amid a fall in manufacturing output, partly offset by a resilient service sector (November: +2.7% yoy, October: +5.1% yoy).
In seasonally-adjusted terms, economic activity rose 1.2% month-on-month in November, up from a 0.1% increase in October. Meanwhile, annual average growth in economic activity remained stable at a four-year high of 4.0% for a fourth consecutive month in November.
Author: Nicolás J. Aguilar, Economist