The expansion of that month was much more discrete than that of the previous month, April, when the Imacec recorded a growth of 3.5%. The market had bet on a growth in activity of a minimum of 1.9%.

The Central Bank reported this Monday that in May 2024, the Monthly Index of Economic Activity (Imacec) of Chile grew 1.1% compared to the same month of the previous year.

The seasonally adjusted series decreased 0.4% compared to the previous month and grew 2.0% in twelve months.

The month registered “one business day less than May 2023,” detailed the issuing institute.

The expansion in May was much more discreet than that of the previous month, April, when the Imacec recorded a growth of 3.5%. And in March the Index scored +0.8%, considering that in February it had recorded its best performance in 21 months, with an increase of 4.5%.

The market, for May, had bet on a growth in activity of a minimum of 1.9%.

Imacec May 2024

The Imacec result for May was explained by the growth of mining and, to a lesser extent, by services and other goods.

Meanwhile, the decrease in Imacec in seasonally adjusted terms was influenced by the results of industry and services.

The Bank noted that the non-mining Imacec presented an annual growth of 0.2%, while in seasonally adjusted terms it fell 0.5% compared to the previous month.

Production of goods

In May, the production of goods increased 3.5% in annual terms, a result influenced by mining and other goods, and partially offset by the decline in industry.

“In mining, the increase in copper and lithium production stood out, and in other goods, the growth in the added value of electricity generation,” indicated the Central Bank.

The result of the industry was explained by the lower production of chemical activity, oil, rubber and plastic.

In seasonally adjusted terms, the production of goods presented a contraction of 0.4% compared to the previous month, explained by the performance of the industry, which fell 2.3%.

For its part, mining grew 0.9%.

Trade

Commercial activity presented a decrease of 2.0% in annual terms.

“This result was explained by all its components, in particular, by automotive and wholesale trade,” explained the Central Bank.

In the first, lower vehicle sales stood out and, in the second, sales of machinery, equipment and construction materials.

Meanwhile, the result of retail trade was explained “mainly by lower sales in large stores.”

The seasonally adjusted figures showed a contraction of 0.4% compared to the previous month, affected by automotive and retail trade.

Services

Finally, services increased 0.8% in annual terms, a result explained by personal services and transportation.

For its part, business services recorded a drop.

“The seasonally adjusted figures showed a decrease of 0.2% compared to the previous month,” the issuing institute concluded in its report.