Chile: Imacec grew 0.9% YoY in July, slowdown reached floor

Summary

July's monthly activity grew 0.9% YoY, slightly above market expectations (BBVAe: -0.1% YoY, Consensus: 0.4% YoY). The print was mainly explained by the positive contributions from mining and services. Also, with this figure the more dovish market’s expectations regarding monetary policy rates will stabilize at a floor of 2.75%, in line with our baseline scenario for rates. Finally, for August our preliminary forecast for the Imacec is at a range between 1% and 1.5% YoY.

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