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.
Author: Dirina Mançellari, Senior Economist