Chile Economic Activity November 2018


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.

The Central Bank sees growth expanding between 3.3%–4.3% in 2019 and between 2.8%–3.8% in 2020. FocusEconomics panelists see growth of 3.3% in 2019, unchanged from last month’s forecast, and 3.1% in 2020.


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Chile Economic Activity Chart

Chile Economic Activity November 2018

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

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