Chile: Imacec at +1.5% YoY in October revealed no signs of a strong recovery

Summary

The monthly economic activity index increased +1.5% YoY in October, slightly below our expectations (+1.8% YoY) but in line with those of the market (+1.4% YoY). The result was affected by an increase in the value added of services that was partially compensated by the negative contribution from mining activity and wholesale commerce. All in all, aggregate activity growth is still anemic, supporting our view of additional monetary stimulus in during first quarters of 2015.

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