Forex - Chile: September IMACEC Comes at -0.6% m/m, 3.0% y/y. Well Below Market Expectations


 11:54 (GMT) 04 Nov

  [Economic Data]

Sample Premium Content
Chile: September IMACEC Comes at -0.6% m/m, 3.0% y/y. Well Below Market Expectations (0101-PVKX-C02)
Chile: September IMACEC Comes at -0.6% m/m, 3.0% y/y. Well Below Market Expectations (0101-PVKX-C01)

September proxy GDP came at -0.6% m/m, 3.0% y/y, well below market expectations and right in ours. Mining activity was the laggard at -2.9% m/m, -1.6% y/y. Meanwhile, non-mining stayed relatively resilient at -0.4% m/m, 3.5% y/y as strong services and construction was partially countered by weak manufacturing.

Keep in mind that, starting October, activity data will be hardly hit by the partial paralysis that the ongoing social crisis caused (protests started in mid-Oct). We believe the impact of the protests will be large and expect the Central Bank to cut the policy rate by 25bp in December. We believe the chances of having more than a 25bp cuts are higher than those for no more rate cuts.


CurrenciesCountriesMarket Bulletins

Latest Currency Analysis

Available to subscribers only
Order Now