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).
Author: Nicolás J. Aguilar, Economist