LatinNews Daily - 3 September 2024

*Chile’s central bank (BCCh) has reported that its monthly index of economic activity (Imacec), which is considered an advance estimate of GDP, increased by 4.2% in July 2024 compared to the same month in 2023, surpassing estimates from economists. This marks the largest yearly increase in the Imacec since February. In seasonally adjusted terms, economic activity increased by 1.0% from June 2024 – the second consecutive monthly rise following a run of monthly declines. According to the BCCh, the increase in the Imacec was driven by annual rises in activities in all sectors, led by services (+5.3%) and industry (+7.8%). These same sectors drove growth in monthly terms with services up 1.6% and industry up 4.4%. Mining (-2.5%) and trade (-1.8%) were the only sectors to register monthly declines. The non-mining Imacec rose 4.4% in yearly terms and 1.5% as compared to the previous month.