This morning the Monthly Economic Activity Index (IMACEC) of October has just been discovered, which fell 3.4%, away from any market forecast that, positively, contemplated a drop of between 1 and 2 points.
The decline in economic activity strikes early on the Government and also civil society facing a possible economic downturn.
The only activity that showed no contractions was mining activity, which grew 2% in October. The rest, all activity relates to services and trade, went back 4%.
During the day, near lunch, the Minister of Finance, Ignacio Briones, together with the Minister of Economy, Lucas Palacios, is expected to announce a battery of re-activating measures for the economy, which according to various versions, will include bonds or subsidies direct to various activities.
In detail, the Central Bank reported that «the IMACEC of October 2019 fell 3.4% compared to the same month of the previous year. The deseasonalized series decreased by 5.4% from the previous month and 3.5% in twelve months. The month recorded the same number of business days as October 2018.»
The IMACEC miner grew 2.0%, while the non-mining IMACEC fell 4.0%. The month’s economic activity was affected by the performance of services, trade and manufacturing activities.
In the services, they highlighted the declines of education, transport, business services and restaurants and hotels. Partially compensated for this result for increased construction activity. In seasonalized terms, compared to the previous month, the mining IMACEC grew 0.9% and the non-mining IMACEC decreased 6.1%».