Chile: Economic activity shrinks more slowly in May
Latest reading: Economic activity fell 0.9% in annual terms in May, following a 1.2% drop in the prior month.
Relative to the prior month’s figures, readings in May improved for mining (-11.6% on a year-on-year basis vs -11.8% in April) and non-mining (+0.7% vs +0.4% in April).
On a seasonally adjusted month-on-month basis, economic activity declined 0.2% in May, following 0.1% growth in the previous month.
Panelist insight: Goldman Sachs’ Sergio Armella said:
“In general, the economy has displayed a weak performance during the year. Growth has been absent, with monthly growth readings averaging -0.1% between January and May, in part because the mining sector has posed a notable drag (-0.3% mom sa average over the first five months of the year). In our view, however, the performance of the non-mining sector has also been underwhelming.”