Wednesday, July 1, 2020

May 2020’s monthly index of economic activity, Imacec


According to preliminary information, last May the Imacec fell 15.3% compared with the same month a year before. The seasonally-adjusted series dropped 3.4% with respect to the previous month, and 15.2% in twelve months. The month came with two working days less than May 2019.

 The mining Imacec increased by 1.2%, while the non-mining index dropped 17.0%. The result of the month reflected the effects of the sanitary emergency. In this context, the hardest hit activities were services and retail and, to a lesser extent, the manufacturing industry and construction. Among services, the decreases in education, transportation, business services, and restaurants and hotels stood out. In seasonally-adjusted terms, and with respect to the previous month, the mining Imacec dropped 0.6% and the non-mining Imacec dropped 3.7%.

 Considering the challenges that the sanitary crisis has posed on the collection of basic data, the Central Bank of Chile is making additional efforts with its information providers to minimize the impact on the quality of statistics. However, it is worth noting that the figures delivered at present could be subject to greater revisions than they have historically, which will be published according to the calendar of National Accounts publications and revisions on the Bank’s website