Chile Economic Activity Returns to Growth

Chile’s IMACEC economic activity index rose 0.2% year-on-year in September 2026, after a 1.0% drop in August, marking a return to growth following two months of contraction. Goods production fell 2.0%, dragged down by a 12.1% plunge in mining, particularly copper, amid lower ore grades and a temporary suspension of operations. In contrast, other goods rose 4.0%, supported by higher electricity generation due to greater water availability, while manufacturing increased 4.5%, driven by higher output of fishery products and metal products, machinery and equipment. Trade activity rose 4.5%, with all segments posting positive results, led by wholesale and retail sales. Services increased 0.9%, led by personal services, especially health, as well as transport. The non-mining IMACEC rose 2.0%. On a seasonally adjusted monthly basis, economic activity increased 1.9%, following a downwardly revised 0.6% fall in August.

Chile's IMACEC economic activity index fell 1.0% year-on-year in August 2026, following a 1.5% drop in July, marking the second consecutive month of contraction. Goods production declined 4.9%, dragged down by a 17.4% plunge in mining, particularly copper, amid lower ore grades, maintenance work and adverse weather. In contrast, other goods rose 4.9%, supported by higher electricity generation due to greater water availability, while manufacturing edged up 0.3%, as higher output of chemical and fishery products offset a drop in pulp and paper production. Trade activity rose 2.2%, driven by automotive and retail sales, while wholesale trade was flat. Services increased 0.8%, led by personal services, especially health, although restaurant and hotel activity declined. The non-mining IMACEC rose 1.4%. On a seasonally adjusted monthly basis, economic activity decreased 0.7%, following a downwardly revised 1.8% fall in July.

Chile’s IMACEC economic activity index fell 1.5% year-on-year in July 2026 after rising a downwardly revised 2% in June, missing forecasts for a 0.4% increase and marking the sharpest decline since March 2026. Goods production fell 3.2%, driven by a 9.3% decline in mining, particularly copper, due to lower ore grades, maintenance work and adverse weather. Manufacturing output fell 3.1%, also affected by weather, with lower production of fuels and chemical products. Services declined 0.7%, reflecting weaker personal, business, transportation, restaurant and hotel services. Trade activity rose 0.7%, driven by retail sales, partly offset by lower wholesale activity. The non-mining IMACEC fell 0.3%. On a seasonally adjusted monthly basis, economic activity decreased 1.7%.