The result of the Monthly Index of Economic Activity (Imacec) was explained by the increase in mining and other goods, offset by the falls in commerce and industry.

The Central Bank of Chile reported this Thursday that the Monthly Economic Activity Index (Imacec) for March 2024 grew 0.8% compared to the same month of the previous year.

The seasonally adjusted series decreased 0.7% compared to the previous month and grew 2.1% in twelve months.

The month recorded three fewer business days than March 2023.

The data constitutes a new record of local growth, but more discreet than that of February of this year, the month in which Imacec registered its best performance in 21 months with an increase of 4.5%.

March Imacec

The issuing institute explained that the Imacec result was explained "by the growth of mining and other goods, compensated by the falls in commerce and industry."

Meanwhile, all activities influenced the decrease in Imacec in seasonally adjusted terms, highlighting the falls in services and other goods.

“The non-mining Imacec presented an increase of 0.4% in twelve months, while in seasonally adjusted terms it fell 0.6% compared to the previous month,” the Central Bank stated.

Production of goods

The production of goods increased 3.7% in annual terms, mainly affected by the 8.2% increase in mining and the rest of goods that grew 2.7%, driven by electricity generation. Meanwhile, the industry fell 2.3%.

In seasonally adjusted terms, the production of goods presented a contraction of 1.4% compared to the previous month, explained by all its components.

“The rest of goods fell 1.5%, while mining and industry fell 1.3%,” said the Central Bank.

Trade

Commercial activity presented a decrease of 5.3% in annual terms, explained by automotive and wholesale trade.

In the first - the report maintained - the lower sales of vehicles stood out, and in the second, the sales of food.

In contrast, retail sales grew.

The seasonally adjusted figures showed a contraction of 0.1% compared to the previous month, affected by automotive trade, a result that was partially offset by the growth of wholesale trade.

Services

Finally, the Central Bank indicated that "services increased 0.5% in annual terms, where growth was recorded in most of its activities, highlighting transportation services."

The above was partly offset by the decline in business services.

The seasonally adjusted figures showed a decrease of 0.4% compared to the previous month.