Chile Economic Activity October 2022

Chile

Chile: Economic activity records largest contraction in over one year in October

December 1, 2022

Economic activity dropped 1.2% year on year in October (September: -0.3% yoy). The outturn marked the worst reading since February 2021, and was driven by declines in manufacturing and wholesale and retail trade.

On a seasonally adjusted monthly basis, economic activity rose 0.5% in October (September: 0.0% mom). However, this was purely thanks to growth in mining output, as non-mining activity declined. Meanwhile, the trend pointed down, with the annual average growth of economic activity coming in at 5.0%, down from September's 6.3% reading.

FocusEconomics panelists see the economy contracting 0.7% in 2023, which is down 0.2 percentage points from last month’s forecast. For 2024, they see the economy expanding 2.2%.


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Chile Economic Activity October 2022

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


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