Chile’s August activity contracts as mining output drops
Chile’s economic activity fell 1 per cent from a year earlier in August, with mining down 17.4 per cent. Lower copper ore grades, maintenance and adverse weather weighed on mining output. Activity outside mining increased 1.4 per cent, while the seasonally adjusted total fell 0.7 per cent from July. The preliminary release separates the mining decline from gains elsewhere in the economy.
Economics & Markets··Midday
August activity falls from a year earlier
Chile’s economic activity contracted 1 per cent as mining declined. The country’s central bank published its preliminary Imacec release for August on 1 October; Imacec is a monthly indicator of short-term economic activity.[1], [2]
Total activity was down 1 per cent from August of the previous year. After seasonal adjustment, the decline was 0.7 per cent from July and 2.1 per cent from a year earlier. August had one more working day than the corresponding month last year.[1]
Mining contraction weighs on goods output
Mining activity fell 17.4 per cent. Lower ore grades, maintenance and weather affected copper production. Goods production as a whole declined 4.9 per cent; other goods production increased 4.9 per cent, helped by greater electricity generation as water became more available.[1]
Manufacturing grew 0.3 per cent annually. Gains in chemicals and fish processing were partly offset by lower pulp and paper output.[1]
Commerce and services expand outside mining
Non-mining activity increased 1.4 per cent annually. Commerce grew 2.2 per cent, supported by motor trade and retail sales, while wholesale activity was broadly flat. Services expanded 0.8 per cent, with health services growing and hotels and restaurants declining. Seasonally adjusted services rose 0.6 per cent from July.[1]
