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Chile Economic Activity June 2023

Chile: Year-on-year decline in economic activity softens in June

Economic activity fell 1.0% compared to the same month a year earlier in June, which was a less pronounced drop than May’s 2.0% decrease. June’s figure was largely due to a notable rebound in the mining sector. In contrast, the non-mining sector fell.

On a monthly basis, economic activity rose 0.5% in seasonally adjusted terms in June, rebounding from May’s 0.5% fall and marking the best result since January.

As a result, the monthly data suggests that the economy contracted 0.6% in quarter-on-quarter terms over Q2 as a whole, and fell 1.4% year on year. Official Q2 GDP data will be released on 18 August.

On the outlook, Goldman Sachs’ Sergio Armella said:

“Despite the central bank embarking on a cutting cycle, we expect policy to remain restrictive for an extended period which together with tighter global financial conditions and a weaker external backdrop should continue to be headwinds for activity in the near term.”

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