Previously, in December, economic activity could not avoid the decline and fell 1%, dragged down by the production of goods and trade.

This Friday, the Central Bank of Chile reported that, in January 2024, the Monthly Economic Activity Index (Imacec) grew 2.5% compared to the same month of the previous year.

And although economists had anticipated a positive performance for that month, the figure exceeded expectations.

Previously, in December, activity could not avoid the decline and fell 1%, dragged down by the production of goods and trade.

Imacec January 2024

According to the report of the issuing institute, in January 2024 the seasonally adjusted series increased 1.7% compared to the previous month and grew 1.5% in twelve months. The month recorded one more business day than January 2023.

The annual growth of the index was explained by all sectors, highlighting the rest of goods and services.

Meanwhile, the increase in Imacec in seasonally adjusted terms was generalized, mainly affected by mining, followed by services.

The non-mining Imacec presented an increase of 2.6% in twelve months, while in seasonally adjusted terms it grew 1.1% compared to the previous month.

Production of goods

The Central Bank detailed that the production of goods grew 4.1% in annual terms, mainly affected "by the 5.2% increase in other goods, explained in particular by the added value of electricity generation."

Meanwhile, the manufacturing industry and mining presented increases of 3.6% and 1.9%, respectively.

In seasonally adjusted terms, the production of goods showed an increase of 2.6% compared to the previous month, explained by the performance of mining, which expanded 6.1%.

“For its part, industry grew 1.1%, while the rest of goods fell 0.2%,” added the Bank.

Trade

Commercial activity, meanwhile, “presented an increase of 3.7% in annual terms.”

This result was mainly explained by wholesale trade, where “sales of food and machinery and equipment” stood out.

To a lesser extent, retail trade also contributed positively to the result of activity, while automotive sales showed falls.

The seasonally adjusted figures showed a growth of 1.2% compared to the previous month, influenced by wholesale trade.

Services

Finally, the Central Bank mentioned that services increased 1.9% in annual terms, a result mainly influenced "by personal services and transportation."

The seasonally adjusted figures showed a growth of 1% compared to the previous month, explained by business services.