Chile Economic Activity November 2021


Chile: Economic momentum slows in November

January 3, 2022

Economic activity grew 14.3% year-on-year in November (October: +15.0% yoy). November's figure marked the worst reading since March. The reading was partly driven by a deterioration in the mining sector, which was somewhat offset by booming services activity, as fiscal stimulus, pension drawdowns and an improving labor market spurred consumer spending.

That said, sequential momentum still eased, amid an uptick in Covid-19 cases and a consequent tightening of restrictions in many parts of the country. On a seasonally-adjusted monthly basis, economic activity rose at a softer pace of 0.3% in November (October: +0.9% mom), the worst result since April. Meanwhile, annual average economic activity growth rose to 11.0% in November (October: +9.8%).

Momentum in December should be supported by a reduction of Covid-19 cases and the reversal of restrictions, although high inflation and election-related uncertainty could still hold back activity somewhat.

FocusEconomics panelists see GDP growing 2.7% in 2022, which is unchanged from last month’s forecast. In 2023, GDP is seen expanding 1.9%.


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Chile Economic Activity Chart

Chile Economic Activity November 2021

Note: Year-on-year changes and annual average growth rate in %.
Source: Central Bank of Chile (BCC) and FocusEconomics calculations.

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