Chilean economy shrinks 1.2 pct year on year in October


SANTIAGO, Dec. 1 (Xinhua) -- Chile's economy contracted 1.2 percent in October compared to the same month of 2019, performing below the expectations of market analysts, who were expecting the first rebound since the onset of the novel coronavirus (COVID-19) pandemic, the Central Bank of Chile said on Tuesday.

The bank's preliminary figures show the economy of the South American country has declined for eight consecutive months due to the health crisis.

Finance Minister Ignacio Briones said economic sectors should "continue pedaling forward" because "the worst is already over."

However, recovery will require "investment, confidence and, above all, for activity to resume, and that depends on the pandemic, which has not ended," Briones told news website El Mercurio Online (Emol).

According to the central bank report, the seasonally adjusted figures show the economy shrank 0.5 percent in October compared to the previous month and 0.9 percent over 12 months.

The economic activities hardest hit by the pandemic were services and the production of goods, which dropped 4.9 percent and 1.3 percent, respectively, mainly affecting the construction sector. In contrast, trade expanded 17 percent in October.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 18
Cxense type: free
User access status: 3
   

Did you find this article insightful?

Yes
No

Next In World

Mexican president progressing well with minor symptoms after COVID-19 diagnosis, minister says
Walmart to build more robot-filled warehouses at stores
Singapore detains teen for intending to attack mosques
Think your kid’s being bullied online? Don’t just read their messages
Australian state borders to reopen with zero local virus cases
Thais seek to restore fortunes with mock funerals
Biden polls higher in first week than Trump at any time
Rumours and fear dog Philippine plan for coronavirus vaccine drive
US scientists developing a mask sensor that detects the novel coronavirus
Report: People downloaded 218 billion mobile apps worldwide in 2020

Stories You'll Enjoy


-->