IMACEC

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The Monthly Economic Activity Index (Imacec) is an estimate that summarizes the activity of the different branches of the economy in a given month, at prices from the previous year; its inter-annual variation constitutes an approximation of GDP evolution. The calculation of the Monthly Economic Activity Index is based on multiple supply indicators, which are weighted by the share of economic activities in the previous year’s GDP.

The Monthly Economic Activity Index is published on the first business day of each month taking into account a lag of 31 days in relation to the month being measured. In addition to this, a breakdown is published which distinguishes mining from all other activities —mining and non-mining series—, as well as the series at factor cost. All series are presented in both original and seasonally adjusted figures.

Consistent with the established publication policy, the Monthly Economic Activity Index series are revised along with the quarterly and annual national accounts.

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August 2026's monthly indicator of economic activity, Imacec

According to preliminary information, the Imacec decreased 1.0% in August 2026, compared with the same month of the previous year (Table 1). The seasonally adjusted series decreased 0.7% from the previous month and 2.1% annually. The month had one more working day than August 2025.

The Imacec decline reflected a lower mining production, for both non-seasonally adjusted (Figure 1) and seasonally adjusted (Figure 2) series. These results were partly offset by an increase in services and other goodsproducing industries.

The non-mining Imacec increased 1.4% compared with the same month of the previous year, while the seasonally adjusted series rose 0.7% from the previous month and 0.2% annually.

Analysis by industry

1. Goods-producing industries

Goods-producing industries decreased 4.9% compared with the same month of the previous year, driven by a fall of 17.4% in the mining sector, particularly in copper mining. This result reflected lower ore grades, maintenance disruptions and adverse weather conditions. Conversely, other goods-producing industries increased 4.9%, due to the growth in value added of electric power generation, driven by an increase in water availability. Manufacturing industry increased 0.3% with rises in the manufacture of chemical products and in the processing and preserving of fish that were almost entirely offset by a lower manufacture of pulp and paper products.

The seasonally adjusted series for goods-producing industries decreased 2.9% from the previous month, mainly driven by the mining industry.

2. Wholesale and retail trade

Wholesale and retail trade grew 2.2%, compared with the same month of the previous year. This result was driven by an increase in sales and repairs of motor vehicles and in retail trade. Largest contributors to sales and repairs of motor vehicles growth were car sales, while major contributors to retail trade increase were sales of food and clothing in specialized stores and online sales. Wholesale trade remained unchanged, with an increase of food sales that was entirely offset by lower sales of fuels and construction materials.

The seasonally adjusted series for wholesale and retail trade rose 0.4% from the previous month, driven by sales and repairs of motor vehicles, followed by retail trade. In contrast, wholesale trade decreased.

3. Services sector

Services-producing industries grew 0.8% compared with the same month of the previous year. Personal services, particularly health care, were the largest contributor to growth. In contrast, accommodation and food services activities decreased.

The seasonally adjusted series for services-producing industries increased 0.6% from the previous month, reflecting an increase in personal services.