Chile: Economic activity picks up slightly in October
December 5, 2014
In October, economic activity rose 1.5% over the same month last year, according to the monthly indicator for economic activity (IMACEC). The figure came in above the 1.4% increase tallied in September and marked a slight acceleration over the 1.4% increase the markets had expected. October’s increase marked the fastest growth pace in five months. According to the Central Bank, the result mainly reflected an acceleration in services, which was partly offset by a decline in activity in mining and retail.
On a monthly basis, economic activity rose a seasonally-adjusted 0.4% in October, which contrasted the 0.2% decrease tallied in September. Annual average growth in economic activity ticked down from 2.0% in September to 1.9% in October and marked the lowest rate since May 2010 when the country was dealing with the aftermath of a devastating earthquake.
Author: Dirina Mançellari, Senior Economist