2024-03-01 11:30:00
The Monthly Indicator of Economic Activity (Imacec) grew 2.5% in January compared to the same month of the previous year, The Central Bank reported on Friday, in a variation that exceeded the expectations of a majority in the market, in the best performance since June 2022.
The seasonally adjusted series increased 1.7% compared to the previous month and grew 1.5% in twelve months. The month recorded one more business day than January 2023.
“The annual growth of Imacec was explained by all sectors, highlighting the rest of goods and services. Meanwhile, the increase in Imacec in seasonally adjusted terms was generalized, mainly affected by mining, followed by services,” the Central Bank said in a statement.
The Most of the economists consulted by Diario Financiero had anticipated a positive performance for the activity index After the favorable performances of the trade y the industry in the first month of the year, according to INE figures, although only Inversiones Security had estimated such a high expansion of 2.5%. In the Bloomberg survey, meanwhile, the median of specialists pointed to a growth of 0.6%.
The non-mining Imacec presented an increase of 2.6% in twelve months, while in seasonally adjusted terms it grew 1.1% compared to the previous month.
Imacec analysis by activity
Production of goods. The production of goods grew 4.1% in annual terms, mainly affected by the 5.2% increase in other goods, explained in particular by the added value of electricity generation. Meanwhile, the manufacturing industry and mining presented increases of 3.6% and 1.9%, respectively.
In seasonally adjusted terms, the production of goods showed an increase of 2.6% compared to the previous month, explained by the performance of mining, which expanded 6.1%. For its part, industry grew 1.1%, while the rest of goods fell 0.2%.
Trade. Commercial activity showed an increase of 3.7% in annual terms. This result was mainly explained by wholesale trade, where sales of food and machinery and equipment stood out. To a lesser extent, retail trade also contributed positively to the result of activity, while automotive sales showed falls.
The seasonally adjusted figures showed a growth of 1.2% compared to the previous month, influenced by wholesale trade.
Services. Services increased 1.9% in annual terms, a result mainly influenced by personal services and transportation.
The seasonally adjusted figures showed a growth of 1.0% compared to the previous month, explained by business services.
“In accordance with the publication calendar of the National Accounts, the estimate of the 2023 GDP and the revisions of the years 2021 and 2022, will be released on March 18. The Imacec series will be reviewed in coherence with the new figures,” said the Central bank.
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