Chile: Economic activity surges in January
Economic activity rose 3.9% in January on an annual basis according to the Monthly Indicator for Economic Activity (IMACEC) published by Chile’s Central Bank, down from 3.2% in November but markedly overshooting analysts’ expectations for the third straight month.
Growth was underpinned by a solid showing in the mining sector, which expanded 8.6% year-on-year. This was likely influenced by higher copper production, which rose markedly compared to January 2017 according to the Statistical Institute. The non-mining sector also grew at a solid pace thanks to expansions in the services, trade and manufacturing sectors. Economic activity rose 0.8% in January from a month earlier in seasonally-adjusted terms, down from December’s revised 0.3% uptick (previously reported: +0.4% month-on-month).