The Central Bank explained that the Imacec result was due to the growth of all its components, highlighting the performance of services.

The Central Bank of Chile announced on Thursday that in November 2024, the Imacec grew 2.1% compared to the same month of the previous year, a figure slightly higher than what analysts had projected.

The seasonally adjusted series increased by 0.3% compared to the previous month and grew by 2.5% in twelve months.

The month recorded one less business day than November 2023.

The issuing institute explained that the result of the Imacec was due to the growth of all its components, highlighting the performance of services.

Meanwhile, the increase in the Imacec in seasonally adjusted terms "was mainly influenced by the results of the industry."

The non-mining Imacec showed an annual growth of 2.0%, while in seasonally adjusted terms it grew 0.4% compared to the previous month.

Production of goods

The production of goods grew by 2.7% in annual terms, a result that was mainly explained by other goods and mining.

In the rest of the assets, the performance of the agricultural and forestry activity stood out, while in mining, the extraction of copper did.

"To a lesser extent, industry also contributed to the result, recording growth of 1.2%," the Bank added.

In seasonally adjusted terms, the production of goods showed an increase of 0.9% compared to the previous month, a result that was explained by the performance of the industry and the rest of the goods.

Trade

Commercial activity showed an increase of 4.8% in annual terms.

"All of its components presented positive results, highlighting the contribution of retail and wholesale trade," the Central Bank said.

The first was driven by sales made in specialized clothing stores, in large stores and through online sales platforms.

Meanwhile, wholesale trade was dominated by “sales of food and household goods. The automotive trade recorded higher vehicle sales.”

Seasonally adjusted figures showed growth of 1.1% compared to the previous month, mainly driven by retail and wholesale trade.

Services

Finally, services increased by 1.4% in annual terms, a result explained by personal services, particularly health and education.

Transport also contributed to the performance of the activity.

"Seasonally adjusted figures showed a 0.2% decrease compared to the previous month, a result that was mainly influenced by business services," the issuing institute said.