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Chile's economy plunges 11.3 pct in August year on year

(Xinhua)    10:52, October 02, 2020

SANTIAGO, Oct. 1 (Xinhua) -- Chile's economy plunged 11.3 percent in August year on year, impacted by the novel coronavirus (COVID-19) pandemic, the Central Bank of Chile said Thursday.

The economy performed worse than in July, when it shrank 10.7 percent, but better than June (12.4 percent) and May (15.3 percent), according to the bank.

Sectors most affected in the eighth month of the year were services and construction, and to a lesser extent the manufacturing industry.

In the services sector, education, transportation, business, restaurants and hotels saw the biggest drop in activity, which was partially offset by growth in trade, as lockdowns and certain sanitary restrictions were gradually lifted.

The Monthly Index of Economic Activity (Imacec), also released on Thursday, rose 2.8 percent in August compared to the previous month, but dropped 11.5 percent over the past 12 months.

A breakdown shows mining activity dipped 3.4 percent while non-mining activity plunged 12.2 percent.

According to Finance Minister Ignacio Briones, the figures "confirm that we are still in a fragile moment of economic weakness," but "there are signs of recovery" and reasons for optimism.

Minister of Economy Lucas Palacios agreed, saying "we have a tough road ahead and we must continue working to get the economy out of one of the biggest recessions in its history."

(For the latest China news, Please follow People's Daily on Twitter and Facebook)(Web editor: Xian Jiangnan, Bianji)

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