Chile: Economic activity accelerates in June
August 7, 2012
In June, economic activity expanded 6.2% over the same month a year ago, according to the monthly indicator for economic activity (IMACEC). The reading represented an acceleration compared to the 5.3% expansion observed in May and exceeded market expectations of a 5.2% increase. The improvement was mainly driven by faster growth in commerce and services as well as electricity production. On a monthly basis, economic activity increased a seasonally adjusted 0.39% in June, which was virtually unchanged from the 0.43% expansion observed in May. Annual average growth in economic activity inched up from 4.7% in May to 4.8% in June. Based on monthly figures, economic activity expanded 5.4% in the second quarter of the year, which would represent a deceleration compared to the 5.6% growth rate observed in the first quarter. In June, the Central Bank left its growth forecast unchanged and expects the economy to expand between 4.0% and 5.0% this year.