Chile’s economic activity decreases by 12.4%

Chile’s economic activity fell 12.4% in June compared to a year ago, according to the central bank, contracting less than expected at the peak of the COVID-19 pandemic. The bank’s IMACEC economic activity index encompasses about 90% of the economy tallied in gross domestic product figures. Market-watchers, polled by Reuters, had expected a more severe decline of 14.5%. However finance minister, Ignacio Briones, said “It is a smaller decrease than the market expected, but it is still a substantial drop, which will make this second quarter the worst in a long time, with a drop in economic activity of around 14%.”

Source: Reuters