Chilean economy grows 3.7% in June 2022, lowest monthly growth rate since early 2021

Chile’s economy grew 3.7 percent year-on-year in June, the lowest monthly growth rate since the beginning of 2021, the Central Bank of Chile reported provisionally on Monday.

The institution said in its report that the seasonally adjusted series declined 0.2 percent in the month under review compared to May this year and posted a 12-month increase of 3.8 percent.

Market analysts believe that the monthly decline in activity confirms a “slowdown” in the Chilean economy.

Regarding the breakdown by economic activity, the result of the monthly index of economic activity (Imacec) in the month under review was driven by services, while trade and production of goods declined.

The Central Bank of Chile’s Imacec showed a 9% increase in services, driven by the performance of personal services, particularly education.

Meanwhile, trade fell 5.9%, with a decline in retail sales in supermarkets and department stores and sales to wholesalers of food, beverages and construction materials, while sales of motor vehicles increased.

Goods production fell 0.7 percent, reflecting a 2.8 percent decline in mining and a 2.6 percent decline in manufacturing.

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