Original article: Chile no se cae a pedazos: Imacec crece 3,2% en septiembre
The Central Bank reported on Monday, November 3, that the Monthly Indicator of Economic Activity (Imacec) for September 2025 increased by 3.2% year-on-year. In seasonally adjusted terms, economic activity grew 0.5% month-on-month and 2.5% over the course of a year; this month had two additional working days compared to September 2024. With trade and services driving growth while mining declined, the message is clear: Chile is not falling apart.
Additionally, the non-mining Imacec rose by 3.8% year-on-year. By sector, trade surged by 10.8% annually, services increased by 3.3%, and product taxes rose by 5.2%. In goods, manufacturing saw a 4.0% increase, partially offsetting the mining decline (-2.2%) and the drop in other goods (-0.3%).
Month-to-month (seasonally adjusted), the 0.5% increase was driven by mining (+3.2%), trade (+1.0%), and services (+0.5%).
- Trade: All components showed growth. Highlights include wholesaler sales of machinery, equipment, and food; a rebound in vehicle sales and maintenance, as well as an increase in retail sales in supermarkets, clothing, and online platforms. On a seasonally adjusted basis, trade increased by 1.0% month-on-month, influenced by wholesalers.
- Services: Grew by 3.3% year-on-year, with strong performance in business, personal, and transportation services; month-on-month, there was a 0.5% rise, driven by business services.
- Goods: The aggregate increased by 0.5% year-on-year due to higher food production; however, mining saw a decline (-2.2%, due to lower copper extraction) alongside a decrease in the “rest of goods” (lower added value from electricity generation). In the month-on-month comparison, goods rose by 0.4% thanks to mining.
The September figures depict an economy with momentum in employment-intensive sectors (trade and services) and a limited slowdown in mining. While the calendar effect explains part of the performance, the seasonally adjusted gain of 0.5% month-on-month suggests dynamism beyond the additional working days. In summary: the data contradicts the electoral rhetoric that “Chile is falling apart”; instead, they indicate overall expansion and a better balance between non-mining and mining sectors.
Finally, the Central Bank will release the preliminary GDP data for the third quarter—along with revisions for the first half—on Tuesday, November 18, which will refine the trend analysis. Reminder: the Imacec is a monthly estimate at prior year prices and serves as a short-term approximation of GDP trajectory.
Check the Central Bank Report Here:
