Chile: Economic activity slows on seasonal factors
November 5, 2012
In September, economic activity expanded 4.6% over the same month a year ago, according to the monthly indicator for economic activity (IMACEC). The reading represented a deceleration compared to the 6.2% expansion observed in August, but was above market expectations of a 3.2% increase. The monthly reading was driven by firm growth in services as well as in mining and, according to the Central Bank, the figure reflected the fact that September 2012 had four less working days than the same month last year. On a monthly basis, economic activity increased a seasonally adjusted 0.98% in September, which was above the 0.26% expansion observed in August. Annual average growth in economic activity remained unchanged at August's 5.2%. Based on monthly data, GDP grew 5.4% in the third quarter, virtually unchanged from the 5.5% expansion registered in the second quarter. More detailed and complete quarterly data will be published on 19 November.