Chile: Economic activity undershoots market expectations
April 5, 2012
In February, economic activity expanded 6.1% over the same month last year, according to the monthly indicator for economic activity (IMACEC, Indicador Mensual de Actividad Economica). The reading came in above the 5.5% increase registered in January but fell short of market expectations, which had economic activity expanding to 6.3%. According to the Central Bank, the February reading benefited from an extra working day and was driven by strong growth in commerce, manufacturing and mining. Meanwhile, economic activity expanded 0.13% over the previous month in seasonally adjusted terms, which contrasted the 0.92% drop witnessed in January. In spite of the monthly improvement, annual average growth inched down from 5.8% in January to 5.7% in February. The Central Bank expects the economy to expand between 4.0% and 5.0% this year.