Chile Economic Activity


Chile: Economic activity picks up in September

November 5, 2014

In September, economic activity rose 1.4% over the same month a year before, according to the monthly indicator for economic activity (IMACEC). The figure came in above the timid 0.3% increase recorded in August, but undershot the 1.7% increase the markets had expected. September’s increase marked the fastest growth pace in four months. According to the Central Bank, the result mainly reflected an acceleration in services, which was partly offset by a decline in mining activity.

On a monthly basis, economic activity fell a seasonally-adjusted 0.2% in September, which contrasted the 0.4% increase tallied in August. Annual average growth in economic activity fell from 2.2% in August to 2.0% in September, the lowest rate since May 2010 when the country was dealing with the aftermath of a devastating earthquake.

The Central Bank expects the economy to expand 4.1% in 2014. The Bank expects growth within a range of 2.5% to 3.5% in 2015. LatinFocus Consensus Forecast panelists see the economy growing 2.0% in 2014, which is down 0.1 percentage points from last month’s forecast. For 2015, the panel expects the economy to expand 3.2%, which is down 0.2 percentage points from last month’s estimate.

Author:, Senior Economist

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Chile Economic Activity Chart

Chile Economic Activity September 2014

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

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