According to preliminary information, delivered this morning by the Central Bank of Chile, the Imacec for January 2024 grew 2.5% compared to the same month of the previous year (Graph 1).
The seasonally adjusted series increased 1.7% compared to the previous month and grew 1.5% in twelve months. The month recorded one more business day than January 2023.
The Monthly Index of Economic Activity (Imacec) is an estimate that summarizes the activity of the different sectors of the economy in a given month, at prices from the previous year; Its interannual variation constitutes an approximation of the evolution of GDP.
The Imacec calculation is based on multiple supply indicators that are weighted by the participation of economic activities within the GDP in the previous year.
The annual growth of Imacec was explained by all sectors, highlighting the rest of goods and services (Graph 2). Meanwhile, the increase in Imacec in seasonally adjusted terms was generalized, mainly affected by mining, followed by services (Graph 3).
For Gonzalo Martner, academic at the University of Santiago, expert in economic policy and former Undersecretary of Government, “this is a good Index. Monthly Economic Activity in January
The Imacec known today registered in January, in seasonally adjusted terms, a positive increase of 1.7%, strongly driven by mining, after showing in December a decrease of -1.0% in economic activity compared to the previous month.
Considering the November/January rolling quarter, economic activity showed an increase of 0.4% compared to the previous rolling quarter, after a -0.2% drop in October/December. These data add to the good employment indicators.”
The non-mining Imacec presented an increase of 2.6% in twelve months, while in seasonally adjusted terms it grew 1.1% compared to the previous month. For Gonzalo Martner, academic at the University of Santiago, expert in economic policy and former Undersecretary of Government, “this is a good Monthly Index of Economic Activity in January.
The Imacec known today registered in January, in seasonally adjusted terms, a positive increase of 1.7%, strongly driven by mining, after showing in December a decrease of -1.0% in economic activity compared to the previous month.
Considering the November/January rolling quarter, economic activity showed an increase of 0.4% compared to the previous rolling quarter, after a -0.2% drop in October/December. These data add to the good employment indicators.”
Imacec analysis by activity
1. Production of goods
The production of goods grew 4.1% in annual terms, mainly affected by the 5.2% increase in other goods, explained in particular by the added value of electricity generation. Meanwhile, the manufacturing industry and mining presented increases of 3.6% and 1.9%, respectively.
In seasonally adjusted terms, the production of goods showed an increase of 2.6% compared to the previous month, explained by the performance of mining, which expanded 6.1%. For its part, industry grew 1.1%, while the rest of goods fell 0.2%.
2. Trade
Commercial activity showed an increase of 3.7% in annual terms. This result was mainly explained by wholesale trade, where sales of food and machinery and equipment stood out.
To a lesser extent, retail trade also contributed positively to the activity result, while automotive sales showed falls. The seasonally adjusted figures showed a growth of 1.2% compared to the previous month, influenced by wholesale trade.
3. Services
Services increased 1.9% in annual terms, a result mainly influenced by personal services and transportation.
The seasonally adjusted figures showed a growth of 1.0% compared to the previous month, explained by business services.
In accordance with the publication calendar of the National Accounts, the 2023 GDP estimate and the revisions for the years 2021 and 2022 will be published on March 18. The Imacec series will be reviewed in accordance with the new figures.
According to preliminary information, delivered this morning by the Central Bank of Chile, the Imacec for January 2024 grew 2.5% compared to the same month of the previous year (Graph 1). 
