Chile Economic Activity

Chile

Chile: Growth in economic activity slows further in August

October 6, 2014

In August, economic activity rose a timid 0.3% over the same month a year before, according to the monthly indicator for economic activity (IMACEC). August’s print came in below the 0.9% increase recorded in July and undershot the 0.6% increase the markets had expected. The figure marked the slowest increase since March 2010. According to the Central Bank, the result mainly reflected a slowdown in the manufacturing, mining and wholesale trade industries. On the other hand, services recorded an improvement compared to the previous month.

On a monthly basis, economic activity rose a seasonally-adjusted 0.5%, which followed the 0.4% increase tallied in July. Annual average growth in economic activity fell from 2.6% in July to 2.2% in August, the lowest rate since May 2010, when the country was dealing with the aftermath of a devastating earthquake.

The Central Bank expects the economy to expand 4.1% in 2014. The Bank expects growth within a range of 2.5% to 3.5% in 2015. LatinFocus Consensus Forecast panelists see the economy growing 3.4% in 2014, which is unchanged from last month’s forecast. For 2015, the panel expects the economy to expand 4.2%.


Author:, Senior Economist

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Chile Economic Activity Chart


Chile Economic Activity August 2014

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


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