Weekly Report - 03 March 2022 (WR-22-09)

CHILE | Economy shows signs of cooling. Chile’s central bank (BCCh) released the latest data for the monthly index of economic activity (Imacec) on 1 March. The Imacec, which serves as a preview of GDP, grew by 9% year-on-year in January 2022, but it contracted by 1% compared with December 2021. This is the second consecutive monthly negative result for the Imacec, and the index’s biggest monthly contraction in 10 months, suggesting a slowdown in the recovery of the Chilean economy after the hit from the coronavirus (Covid-19) pandemic.