Chile: Economic activity remains strong
January 7, 2013
In November, economic activity expanded 5.5% over the same month a year ago, according to the monthly indicator for economic activity (IMACEC). The reading represented a deceleration compared to the 6.7% expansion observed in October, but, nonetheless, exceeded market expectations of a 5.2% increase. The monthly reading was driven by growth in services, mining as well as in commerce, according to the Central Bank. That said, November had one fewer working day than the same month the previous year. On a monthly basis, however, economic activity expanded a seasonally adjusted 1.31% in November, which contrasted the 0.75% contraction observed in October. Annual average growth in economic activity rose to 5.8% in November from 5.6% in October.