CHILE · ECONOMY
Key Facts
- Power Index Chile ranks 3rd of 14 in The Rio Times Latin America Power Index, with 63.6 points (October 2026 edition).
- What happened Chile’s monthly activity index, the Imacec, rose 0.2% year on year in September 2026.
- Versus forecast Analysts expected 0%, and August had shown a 1.0% fall.
- The split Mining fell 12.1%, while activity outside mining grew 2.0%.
- What to watch Third-quarter GDP, due on 18 November, and whether copper output recovers.
Chile’s economy narrowly avoided another contraction in September, as stronger trade offset a sharp fall in copper mining.
Chile’s economy grew 0.2% in September 2026 compared with a year earlier, the central bank reported on Monday 2 November 2026. Analysts had expected no change, and August had shown a 1.0% fall.
For US readers, the result matters because Chile is the world’s largest copper producer. When mining output falls sharply, the whole economy slows, even when shops and factories are doing well.
What Happened
The Imacec is the Central Bank of Chile’s monthly estimate of economic activity, a quick stand-in for gross domestic product. It rose 0.2% in September from a year earlier, after a 1.0% fall in August.
Adjusted for seasonal patterns, activity rose 1.9% from August. That is a much stronger monthly move than the yearly figure suggests.
Mining Against the Rest
Mining output fell 12.1% from a year earlier and held the headline down. The central bank pointed to lower ore grades and temporary halts at some operations.
Activity outside mining grew 2.0%. Commerce rose 4.5%, helped by wholesale and retail trade.
Where This Sits in the Trend
August’s reading was also dragged down by mining, with the non-mining part growing 1.4%. September repeats that pattern, but the non-mining gain is stronger.
So the economy is being held back by one sector rather than by broad weakness. Even so, a 0.2% yearly rise is close to flat.
What It Means
The reading suggests Chile stopped shrinking in September, which is a relief for businesses and workers who depend on domestic demand. Copper output is the swing factor, since a sector this large can erase gains elsewhere.
For readers abroad, Chile’s growth now depends on whether mines recover, not only on consumer spending. Investors in copper and Chilean assets will watch that closely.
What Would Change the Picture
A smaller mining decline in October would lift the headline toward the 2.0% growth seen outside mining. Another large mining fall would keep the yearly figure near zero or push it back below it.
The central bank will publish preliminary third-quarter GDP on 18 November. This report does not say how long the mining disruptions will last.
Sources: Central Bank of Chile, Imacec press release for September 2026, 2 November 2026; RT economic calendar for the forecast and previous reading. Related: How Asia’s AI chip boom lifts Chile and Peru copper, Chile seen shrinking in third quarter, and the Chile hub. This is news, not investment advice.
Frequently Asked Questions
What Is the Imacec?
It is the Central Bank of Chile’s monthly index of economic activity, used as an early estimate of GDP growth. The central bank publishes it about a month after each period ends.
What Was Chile’s Economic Activity in September 2026?
It rose 0.2% from a year earlier, beating the 0% forecast. August had shown a 1.0% fall.
Why Was Growth So Low?
Mining output fell 12.1% from a year earlier, offsetting 2.0% growth in activity outside mining. The central bank pointed to lower ore grades and temporary halts at some operations.
What Would Confirm a Recovery?
A smaller mining decline in October, with non-mining growth holding near 2%, would lift the headline figure. Third-quarter GDP data on 18 November is the next check.
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief
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