Chile's Economic Activity Slips in January

Chile's IMACEC economic activity index contracted 0.1% year-on-year in January 2026, reversing a 1.7% gain in December. Goods production declined 1.5%, dragged by industry (-1.7%), mining (-1.0%), and other goods (-1.9%). Services expanded 1.4% and trade grew 0.4%, partially offsetting the weakness. Month-over-month, activity plunged 13.5%, following a 9.6% rise in the prior month.

Chile’s IMACEC economic activity index rose 1.7% year-on-year in December 2025, accelerating from a 1.2% increase in November. Commerce posted the strongest performance, expanding 6.6%. Services grew 2.2%, while the industrial sector rose 2.0%. Mining contracted 8.1%, and overall goods production declined 0.9%. On a month-over-month basis, economic activity increased 9.6%, following a 2.4% gain in the previous month.

Chile’s IMACEC economic activity index rose 1.2% year-on-year in November 2025, slowing from 2.2% in October. Services increased 1.9%, driven mainly by personal services, particularly health, while transport services declined. Commercial activity advanced 5.5%, with gains across all components led by stronger vehicle sales. Goods production fell 1.3%, reflecting lower mining output due to reduced copper extraction and a decline in other goods tied to weaker electricity generation. Industrial activity rose 0.3%, as higher fuel refining offset a drop in beverage production. On a seasonally adjusted basis, activity declined 0.6% month-on-month.