Chile: Economic activity accelerates in August
October 5, 2011
In August, economic activity expanded 4.6% 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 4.0% increase registered in July but below market expectations, which had economic activity growing 4.7%. According to the Central Bank, the August acceleration mainly reflected stronger commerce activity, which more than offset a deterioration in the mining sector. A month-on-month comparison showed economic activity virtually unchanged, expanding a subdued 0.02% over the previous month in seasonally adjusted terms, which contrasted the 0.28% drop in July. Annual average growth inched down from 7.1% in July to 6.9% in August. The Central Bank expects economic growth to range between 6.25% and 6.75% this year, and to moderate from 4.25% to 5.25% in 2012.