Chile's Economic Activity Slips in January

Chile's IMACEC economic activity index contracted 0.3% year-over-year in February 2026, following a 0.5% contraction in January and falling well short of forecasts for a 1.9% expansion. Goods production declined 3.7% after a 2.2% fall in January, dragged by industry at 3.6% and other goods at 5.4%. In contrast, the mining sector rose 1.0%, rebounding from a 1.1% contraction. Services activities expanded 1.6%, accelerating from a 1.1% gain in the prior month. Trade activity also rose 0.2%, rebounding from a 0.9% decline. On a monthly basis, the IMACEC fell 6.5%, following a 13.6% plunge 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.