Chile’s central bank reported a 0.1% decline in economic activity for January 2026, according to the first Monthly Index of Economic Activity (Imacec) released on Monday, March 2, 2026. The report signals a cautious start to the year for the Chilean economy.
The seasonally adjusted series increased by 0.2% compared to the previous month and rose 0.5% over the last twelve months. The bank noted that January 2026 had one less working day than January 2025.
Imacec of January 2026 Fell 0.1%
The central bank explained that the Imacec result for January 2026 was “due to the fall in the production of goods, which was partially offset by the performance of services.” Services, the institute added, “boosted the Imacec result in seasonally adjusted terms.”
The non-mining Imacec showed no annual variation, while in seasonally adjusted terms it grew 0.1% compared to the previous month and 0.7% in twelve months.
Production of Goods
The report detailed that goods production fell 1.5% in annual terms, a result influenced by all its components. In the industry, there was “less processing of chemical and food products,” while the decline in the rest of goods was explained by agroforestry-silvicultural activity. Mining similarly decreased, linked to “a lower extraction of copper.”
In seasonally adjusted terms, goods production showed a decrease of 0.7% compared to the previous month, mainly explained by the rest of goods.
Commerce
Commercial activity increased by 0.4% in annual terms. “This result was explained by retail and automotive commerce, which was partially offset by lower wholesale sales,” the central bank indicated.
Increased sales were recorded in grocery stores, specialized clothing establishments, and through online sales platforms. Automotive commerce grew in line with vehicle sales. Wholesale commerce, though, fell due to lower food sales, particularly from fruit exporters.
“The seasonally adjusted figures showed a contraction of 0.1% compared to the previous month, influenced by wholesale commerce,” the report stated.
Services
Finally, services increased 1.4% in annual terms, a result mainly explained “by the performance of personal services, particularly health.” The seasonally adjusted figures showed growth of 0.8% compared to the previous month, determined by personal services.
