Chile: Economic activity remains strong
September 10, 2012
In July, economic activity expanded 5.3% over the same month a year ago, according to the monthly indicator for economic activity (IMACEC). The reading represented a deceleration compared to the 6.1% expansion observed in June, partially due to the fact that July had one less working day, but was virtually in line with market expectations of a 5.4% increase. According to the Central Bank, the monthly print was driven by growth in commerce and services as well as in electricity production. On a monthly basis, economic activity increased a seasonally adjusted 0.40% in July, which was a notch above the 0.29% expansion observed in June. Annual average growth in economic activity inched up from 4.8% in June to 4.9% in July.