Industrial production in Chile falls 1.1% due to a decline in the mining sector

RIO DE JANEIRO, BRAZIL – Industrial production in Chile marked a year-on-year drop of 1.1% last January, mainly due to the decline in the mining sector, the National Statistics Institute (INE) published on Monday.

According to the agency’s analysis, mining, the heart of Chile’s economic engine, suffered a drop of 6.3% in the last twelve months and metallic mining, in particular, decreased by 8.1%, “as a result of a drop in copper extraction and processing”.

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On the other hand, the Electricity, Gas and Water Production Index (IPEGA) grew 3.1% in relation to January 2021, while two of the three activities that compose it presented increases. Electricity stood out, which increased 4.3%, as a result of higher electricity generation, especially in the gas and liquefied natural gas group.

The Manufacturing Production Index (IPMan) recorded a year-on-year increase of 2.6%, “largely explained by the year-on-year increase of 17.1% in the manufacture of chemical products and substances”.

Chile, with almost 3 million people infected with covid-19 and more than 42,000 confirmed deaths, has seen a massive spike in infections in recent weeks due to the rapid spread of the omicron variant, although the country has not put new mobility restrictions in place.

In parallel, one of the most successful vaccination processes in the world has been implemented, with 93.2% of the target population receiving two doses or a single dose, in addition to the administration of more than 12.3 million booster doses.

The Central Bank in December increased its projection for gross domestic product (GDP) growth in 2021, estimating that it will range between 11.5% and 12%, while for this year it projects growth of between 2.5% and 3.5%.

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