Forex - Chile: August IMACEC Comes at 0.2% m/m, 3.2% y/y, 0.9% m/m, 3.7% y/y, Well Above Expectations


 12:04 (GMT) 01 Oct

  [Economic Data]

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Chile: August IMACEC Comes at 0.2% m/m, 3.2% y/y, 0.9% m/m, 3.7% y/y, Well Above Expectations (0101-PKJG-C02)

August proxy GDP same well above forecasts at 0.9% m/m, 3.7% y/y. Mining activity recovered by 1.2% m/m, 5.3% y/y, while non-mining activities posted 0.9% m/m, 3.5% y/y, supported by services and construction. The strength of non-mining activities is surprising considering the relatively soft factory sector production, especially manufacturing production, reported for August.

Chile: August IMACEC Comes at 0.2% m/m, 3.2% y/y, 0.9% m/m, 3.7% y/y, Well Above Expectations (0101-PKJG-C01)

Non-mining activity, which is what the Central Bank uses to measure the GDP gap, has grown 3.5% y/y so far this quarter, compared to 2.1% in the previous one. This pace of growth favors our non-consensus view for no rate cut in the October meeting.


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