Central Bank of Chile reports January Imacec down 0.1% year on year as goods production contracts 1.5%

The Central Bank of Chile published preliminary results for the January 2026 Monthly Economic Activity Index (Imacec), showing a 0.1% decline compared with January 2025. On a seasonally adjusted basis, the Imacec increased 0.2% from the previous month and 0.5% over twelve months, with January 2026 having one fewer working day than January 2025. The annual decline reflected a 1.5% fall in goods production across all components, partially offset by services, which increased 1.4%, while trade rose 0.4%. Manufacturing weakened due to lower production of chemical and food products, other goods fell on agriculture and forestry activity, and mining declined in line with lower copper ore extraction; seasonally adjusted goods production decreased 0.7% month on month. Trade growth was driven by retail and automotive activity, while wholesale sales fell, and services growth was led by personal services, particularly healthcare; seasonally adjusted trade contracted 0.1% and services grew 0.8% month on month. The non-mining Imacec showed no annual variation, while rising 0.1% month on month and 0.7% over twelve months in seasonally adjusted terms. The Bank will release the 2025 GDP estimate and revisions for 2023 and 2024 on Wednesday, 18 March, after which the Imacec series will be revised to incorporate the new figures.