This is a smaller expansion than in the previous month, July, when activity surprised with a growth of 4.2%.
This Tuesday, the Central Bank of Chile announced that in August of this year, the Monthly Index of Economic Activity (Imacec) grew 2.3% compared to the same month in 2023.
The seasonally adjusted series, meanwhile, decreased by 0.2% compared to the previous month and grew by 2.8% in twelve months.
The month recorded one less business day than August 2023, the issuing institute specified.
This is a smaller expansion than in the previous month, July, when activity surprised with a growth of 4.2%.
By August, experts had estimated an expansion of between 2.5% and 4%.
Imacec grew 2.3% in August
The August Imacec result was explained by the “growth of services and mining.”
Meanwhile, the decrease in the seasonally adjusted Imacec was influenced by the performance of services, other goods and industry, which was partly offset by the increase in mining.
The Central Bank added that the non-mining Imacec "showed an annual growth of 1.5%, while in seasonally adjusted terms it fell 0.5% compared to the previous month."
Production of goods
According to the report, the production of goods increased by 2.8% in annual terms, driven by the results of copper mining.
Industry also made a positive contribution to the result, with food production, particularly in the fishing industry, standing out.
"Meanwhile, the rest of the assets fell by 1.6%," the Bank said.
In seasonally adjusted terms, the production of goods increased by 0.2% compared to the previous month, a result that was explained by "the 2.3% growth in mining, which was partially offset by the rest of goods and industry, which fell by 1.1% and 0.8%," respectively.
Trade
Commercial activity showed an increase of 3.0% in annual terms.
The issuing institute said that this result was mainly explained by retail sales and, to a lesser extent, wholesale sales.
“In the former, sales in specialized clothing and footwear stores, supermarkets and pharmacies stood out. Meanwhile, in wholesale trade, higher sales of household goods and fuel were recorded,” he explained.
Seasonally adjusted figures showed growth of 0.7% compared to the previous month, mainly driven by retail trade.
Services
Finally, services increased by 1.9% in annual terms, a result that was explained by “personal services and, to a lesser extent, by transportation.”
"Seasonally adjusted figures showed a 0.6% decrease compared to the previous month, mainly due to business and education services, the latter affected by the suspension of classes due to weather events," the Central Bank said.
