Studies in Economic Statistics N° 131: Revisiones en cuentas nacionales trimestrales Chile 2006-2019
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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March 2025’s monthly index of economic activity, Imacec
According to preliminary information, last March the Imacec rose 3.8% over the same month a year before (Table 1). The deseasonalized series increased 0.8% with respect to the previous month and 2.9% in twelve months. March this year came with one more working day than March 2024.
The Imacec result was explained by growth in its every component, most notably goods production (Figure 1). In turn, the deseasonalized Imacec’s growy was determined by mining activity (Figure 2).
The non-mining Imacec posted annual growth of 3.8%, and of 0.1% seasonally adjusted with respect to the previous month.
Imacec analysis by activity
1. Goods production
Goods production increased 4.4%, a result explained by all its activities. Other goods and manufacturing activity stood out, driven by fruit production and processed foods, respectively.Mining also grew thanks to greater extraction of copper ore.
In deseasonalized terms, goods production posted an increase of 1.3% with respect to the previous month, explained by a dynamic mining industry
2. Trade
Trade activity increased 8.9% annually. All its components presented positive results, owing primarily to the contribution of wholesale and retail trade. The former was boosted by sales of foodstuffs and machinery & equipment. Retail trade was driven by sales in establishments specializing in clothes, department stores, and online platforms. Automotive trade posted increased sales of vehicles.
The seasonally adjusted figures showed an increase of 0.3% over the previous month, reflecting the result of automotive trade.
3. Services
Services grew 2.7% in annual terms, a result that was mainly explained by the performance of personal services, particularly health care. To a lesser extent, entrepreneurial services and transportation also had a positive impact.
Seasonally adjusted figures showed an increase of 0.2% with respect to the previous month, driven by personal services.
According to the National Accounts dissemination calendar, the preliminary GDP results for the first quarter of the year will be released on Monday, May 19.
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Related information
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