The Chilean economy grew 1.8% year-over-year in July, a higher than expected figure, amid growth in services and due to the production of goods, according to the Central Bank.
The Monthly Indicator of Economic Activity (IMACEC), which represents about 90% of the Gross Domestic Product (GDP) of the South American country, increased by 0.3% in seasonally adjusted terms compared to June.
It is the first year-over-year advance after five consecutive falls in IMACEC and the second positive record in 11 months, amid an adjustment in economic activity in Chile after the accelerated recovery from the impact suffered by the COVID-19 pandemic.
“Meanwhile, the growth of the seasonally adjusted IMACEC was determined by the performance of most of its components,” the central bank said.
The non-mining sector (IMACEC) grew 1.5% in 12 months, while in seasonally adjusted terms it grew by 0.6% compared to the previous month, the bank also detailed.
The production of goods grew by 3.0% after an increase of 5.0% in the rest of the goods, in particular due to the higher added value of electricity generation. Mining in the world’s largest copper producer rose 2.9%, while industry fell 0.5%.
Services increased by 3.9% in annual terms, as determined by education services, as there was an additional week of school holidays in July 2022.
On the other hand, trade fell 2.5% in annual terms due to retail performance, with lower sales in supermarkets, large stores, and specialized food establishments.
