FX.co ★ Chile Economic Activity Falls for Second Month

Chile’s IMACEC economic activity index fell 1.0% year-on-year in August 2026, after a 1.5% decline in July, marking a second consecutive month of contraction. Goods-producing sectors contracted 4.9%, weighed down by a 17.4% slump in mining—especially copper—amid lower ore grades, maintenance stoppages, and adverse weather conditions. In contrast, output of other goods expanded 4.9%, supported by stronger electricity generation on the back of greater water availability. Manufacturing inched up 0.3%, as increased production of chemical and fishery products offset weaker pulp and paper output.

Trade activity grew 2.2%, driven by stronger automotive and retail sales, while wholesale trade was broadly unchanged. Services rose 0.8%, led by personal services—particularly health-related services—even as restaurant and hotel activity declined. Excluding mining, the non-mining IMACEC increased 1.4%. On a seasonally adjusted month-on-month basis, overall economic activity decreased 0.7%, following a downwardly revised 1.8% drop in July.