Chile: Economic activity accelerates in November
January 5, 2011
In November, economic activity rose 6.2% 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 4.8% expansion registered in October and overshot market expectations, which had anticipated economic activity rising by 5.3%. The November increase was fuelled by growth in the retail, wholesale, transportation and communications sectors. A month-on-month comparison corroborates the expansion suggested by the annual figures, as economic activity rose 1.29% over the previous month in seasonally adjusted terms, which contrasted the previous month's 0.57% fall. As a result of the robust November expansion, the annual average growth rate rose from 4.8% in October to 5.0% in November. The Central Bank expects economic growth to reach 5.2% last year and between 5.5% and 6.5% for this year.