The October Imacec represents a significant advance, after September showed no variation compared to the same month of the previous year.

On Monday, the Central Bank announced that in October of this year, the Monthly Index of Economic Activity (Imacec) grew 2.3% compared to the same month of the previous year.

The seasonally adjusted series increased by 0.4% compared to the previous month and grew by 1.7% in twelve months.

"The month recorded two more working days than October 2023," the issuing institute detailed.

The October Imacec represents progress - within expectations - after September showed no variation compared to the same month of the previous year.

And in fact, that month was a second consecutive disappointment for the market, considering that in the previous month, August, the Imacec had grown 2.3% and experts estimated an expansion of between 2.5% and 4%.

Furthermore, this 2.3% growth in August was lower than that of July, when activity surprised by recording 4.2%.

Imacec October 2024

The Central Bank noted that the Imacec result for October 2024 was explained “by the growth of all its components, highlighting the performance of services and trade.”

Meanwhile, the increase in the Imacec in seasonally adjusted terms was influenced by services.

The non-mining Imacec showed an annual growth of 2.3%, while in seasonally adjusted terms it grew 0.4% compared to the previous month.

Production of goods

According to the report, the production of goods grew by 1.7% in annual terms, a result that was explained by mining and industry.

In mining, the largest extraction of copper stood out.

Meanwhile, in industry, the production of food and metal products did so.

The rest of the goods, on the other hand, showed a growth of 0.3%.

“In seasonally adjusted terms, the production of goods showed a contraction of 0.5% compared to the previous month, explained by all its components,” the Bank said.

Trade

Commercial activity showed an increase of 6.2% in annual terms. All its components presented positive results, highlighting the contribution of wholesale and retail trade.

The first was driven by sales of machinery and the second by sales made through online sales platforms, in grocery stores and in specialized clothing stores.

The issuing institute added that the result of the automotive trade was explained by “higher vehicle sales.”

"Seasonally adjusted figures showed a contraction of 0.3% compared to the previous month, mainly due to wholesale trade," he said.

Services

Finally, it was reported that in October of this year services increased by 2.2% in annual terms, a result that was explained by personal services, in particular, health and education.

To a lesser extent, the performance of transport also contributed.

Seasonally adjusted figures showed growth of 0.9% compared to the previous month, driven mainly by business services.