Financial Diary – Santiago
The Monthly Index of Economic Activity, Imacec, grew 1.1% in May compared to the same month of the previous yearthe Central Bank reported on Monday, in a variation that was below market estimates.
“The seasonally adjusted series decreased by 0.4% compared to the previous month and grew by 2.0% in twelve months. The month registered one less business day than May 2023,” the Central Bank said in a statement.
“Imacec’s result was explained by the growth of mining and, to a lesser extent, by services and other goods. Meanwhile, the decrease in Imacec in seasonally adjusted terms was influenced by the results of industry and services,” he added.
After weak sectoral figures released on Friday, the market was betting on variations in a range from 1.9% to 2.8% year-on-year in May, lower than 3.5% in April. Analysts had expected the index to rise 2.5% year-on-year in Mayaccording to the consensus estimates in the Bloomberg survey, and 2.8% in the most recent Economic Expectations Survey, EEE.
Zoom to Imacec in May
In the fifth month of the year, the production of goods increased by 3.5% year-on-year, result affected by mining and other goods, and partially compensated by the fall of the industry. The autonomous entity details that in the case of mining, the increase in the production of copper and lithium stood out, and in the rest of the goods, the growth in the added value of electricity generation.
Meanwhile, the result of the industry was explained by lower production of chemical, oil, rubber and plastic activity.
In seasonally adjusted terms, the production of goods recorded a contraction of 0.4% compared to the previous monthexplained by the performance of the industry.
On the other hand, Commercial activity registered a drop of 2% in annual terms, explained by all its componentsbut particularly in the automotive and wholesale trade. The entity highlights the lower sales of vehicles and machinery, equipment and construction materials.
The retail trade result was mainly explained by a drop in sales in large stores. Seasonally adjusted figures, meanwhile, showed a contraction of 0.4% compared to the previous month, influenced by the automotive and retail trade.
Finally, Services grew by 0.8% in 12 months, thanks to transportation and personal services. Business services, on the other hand, showed a fall. The seasonally adjusted figures showed a contraction of 0.2% compared to April.
