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