The Chilean economy it contracted 1.2% in October compared to the same month last year, due to the drop in trade and industry, the largest since February 2021, the Central Bank reported this Thursday.
The Monthly Index of Economic Activity (Imacec) “fell 1.2% compared to the same month of the previous year”, while “the seasonally adjusted series increased 0.5% compared to the previous month”.
“The Imacec result was explained by the drop in the trade and, to a lesser extent, by the manufacturing industry,” BC explained.
In seasonally adjusted terms, meanwhile, the performance of the Chilean economy was determined by the performance of mining.
Chile is the world’s leading producer of copper with almost a third of the global supply and the second of lithium.
The year-on-year result was in line with market expectations and is the biggest drop since February 2021, when in Chile the restrictions on economic activity imposed by the pandemic were strongly felt.
According to the Economic Commission for Latin America and the Caribbean (Cepal), Chile will be the only country of Latin America that registers a contraction of its Gross Domestic Product (GDP) in 2023, of 0.9 percent.
For this year, the Central Bank of Chile adjusted its GDP growth projection downward, going from a range of between 1.5% and 2.5% to a more limited range of between 1.75% and 2.25 percent.
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