Chile Economic Activity April 2020

Chile

Chile: Economic activity plunges at the fastest rate on record in April

June 1, 2020

In April, the IMACEC economic activity index sank 14.1% on an annual basis (March: -3.5% year-on-year), marking the largest drop on record as the measures to curtail the spread of Covid-19 ravaged the economy.

April’s fall reflected a 15.5% contraction in the non-mining economy (March: -4.0% yoy), largely driven by the collapse in retail activity and, to a lesser extent, in construction and manufacturing. Meanwhile, the mining economy dipped 0.1%, contrasting March’s 0.8% expansion.

In month-on-month seasonally-adjusted terms, economic activity plummeted 8.7% in April (March: -5.7% month-on-month seasonally-adjusted).

FocusEconomics panelists project the economy to contract 3.2% in 2020, which is unchanged from last month’s forecast, and 4.0% in 2021.


Author:, Economist

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Chile Economic Activity April 20 20 2

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


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