FX.co ★ Chile IMACEC Declines More Than Expected

Chile’s IMACEC economic activity index fell 1.5% year-on-year in July 2026, following a downwardly revised 2% increase in June. The result missed market expectations for a 0.4% rise and marked the sharpest contraction since March 2026.

Goods production declined 3.2%, led by a 9.3% drop in mining output—particularly copper—amid lower ore grades, maintenance work, and adverse weather conditions. Manufacturing output decreased 3.1%, also affected by weather, with notable weakness in the production of fuels and chemical products. Services activity fell 0.7%, reflecting softer personal, business, transportation, restaurant, and hotel services.

Trade activity edged up 0.7%, supported by stronger retail sales, which were partially offset by weaker wholesale activity. The non-mining IMACEC contracted 0.3%. On a seasonally adjusted monthly basis, overall economic activity declined 1.7%.