Chile: Economic activity records slowest expansion since March 2021 in February
Economic activity increased 6.8% compared to the same month of the previous year in February, which followed January’s 9.6% increase. The figure marked the worst reading since March 2021. The figure was largely due to a deterioration in the mining sector. In addition, the non-mining sector decelerated.
On a monthly basis, economic activity fell 0.7% in seasonally-adjusted terms in February, which was below January’s flat reading. Meanwhile, annual average economic activity growth rose to 13.7% in February (January: +12.9%).
The loss of momentum since the outset of the year has likely been driven by a surge in Covid-19 cases and a consequent slight tightening of restrictions, as well as by a waning of past fiscal stimulus, high inflation and higher interest rates.