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Economic Activity Continues To Fall

Economics +1 more

CHILE - A strong contraction in the Chilean industrial production, especially in the salmon industry, lead to a negative 0.9 per cent interannual variability in the Economic Activity Monthly Index (Imacec) as of October.

This figure, submitted by the Central Bank earlier this week, surprised most of the market analysts, which betted on this month to be the first, since October 2008, with a positive variation on Imacec.

According to, even the President Michelle Bachelet, echoing previous estimations, predicted a positive figure for last September, failing in the forecast. Regarding October’s figure she said that “it is not completely bad news”, underlining that there is already a trend towards improvement.

Chilean Finance Ministry, Andrés Velasco, said that compared with last month seasonally-adjusted Imacec increased 0.4 per cent on October. “That coheres with our outlook, which indicates that the economy is headed for a growth close to five per cent in 2010”, he ended.

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