Chile economic activity plunged 11.3% in August from the same month a year earlier, the central bank said on Thursday, deeper than forecasts of an 8.5% drop as the world’s no. 1 copper producer grapples to recover from the coronavirus pandemic.
The country’s IMACEC economic activity index , which encompasses about 90% of the economy tallied in gross domestic product figures, was up 2.8% in the month versus July. The important mining activity index fell 3.4% in the month, while non-mining industry lost 12.2%.
“The result for the month was impacted by the effects of the health emergency,” the bank said in a statement. “In this context, the most affected activities were services and construction, and, to a lesser extent, manufacturing.”
The month’s result was partially offset by growth in trade, in a month in which a partial withdrawal of pension savings approved by Congress to help alleviate the crisis took place.
The bank warned that due to difficulties in collecting data amid the pandemic, the figures could be subject to “greater revisions than those recorded historically.”