Economic activity in Chile grew 14.3% in November 2021, above expectations

RIO DE JANEIRO, BRAZIL – The Central Bank reported that the Monthly Indicator of Economic Activity (Imacec) grew 14.3% year-on-year in November 2021, a variation above what the market expected, driven by services and trade.

“All Imacec components grew compared to the same period of the previous year, highlighting the contribution of services activities and, to a lesser extent, trade. This result was explained, in part, by the greater openness of the economy, support measures for households, and partial withdrawals of pension funds,” the Central Bank said in a statement.

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The seasonally adjusted series increased 0.3% compared to the previous month and 13.3% in twelve months. The institution said that the month registered the same number of working days as November 2020.

PERFORMANCE BY SECTOR

According to the report, services were the main driver of activity in the penultimate month of the year, with an increase of 20% in twelve months due to the performance, in particular, of education and health, which correspond to the personal category. To a lesser extent, restaurants, hotels, and transportation also contributed to the result.

In the month, compared to October, they grew by 1.8%, according to seasonally adjusted figures.

To a lesser extent, commerce also contributed to the Imacec result, increasing 16.7%. Retail sales of supermarkets, clothing, footwear, household equipment, and wholesale household goods were notable. To a lesser extent, the automotive trade also contributed to the result of the grouping, according to the report.

However, the sector recorded a 0.8% drop every month.

Goods production lagged with a 3.3% annual increase, where the performance of construction boosted the rest of goods, which increased by 5%. Here mining was the sour note with a 0.3% drop.

The report points out that the 1% decrease in goods production compared to October is a consequence of the poor performance of mining together with the drop in the manufacturing industry.