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Original article: Diciembre con números verdes: Imacec crece 1,7% impulsado por servicios y comercio

The increase in the Imacec for December compared to the previous month was explained by the growth of services and other goods, partially offset by a decline in mining production.

The last month of 2025 closed on a positive note for the Chilean economy, marking significant growth. According to preliminary data released by the Central Bank, the Monthly Economic Activity Indicator (Imacec) for December recorded an increase of 1.7% compared to the same month the previous year.

This result, which aligns with market expectations, was driven by robust growth in the services sector, particularly through a vigorous performance in trade, which partially compensated for a reduction in mining production.

An analysis of the seasonally adjusted series, which eliminates calendar effects and seasonality for clearer cyclical trend observation, reinforces the notion of an ongoing recovery.

In this context, the seasonally adjusted Imacec rose by 0.6% compared to November 2025, totaling a growth of 1.3% over the past twelve months.

It is important to note that December 2025 had the same number of working days as December 2024, allowing for a clearer year-on-year comparison.

Goods Production: A Dual Outlook

The Imacec reading reveals a marked duality within goods production. Overall, this sector recorded an annual contraction of 0.9%. However, this negative result was due solely to the decline in mining, which plummeted by 8.1% year-on-year, primarily driven by reduced copper production.

This negative performance subtracted 0.8 percentage points from the total growth of the Imacec.

Nevertheless, this impact was counterbalanced by favorable behavior in other activities. The «other goods» segment grew by 2.3% annually, notably boosted by strong agricultural and forestry performance.

Moreover, the manufacturing sector also contributed to growth with a 2.0% increase, primarily driven by food production. When examining the seasonally adjusted monthly series, total goods production registered a 0.8% rise, mainly attributed to the dynamism of «other goods,» which saw a 2.0% increase compared to the previous month.

Trade and Services: The Growth Engines

The key drivers of December’s positive results were undoubtedly commerce and services. Commercial activity experienced a year-on-year growth of 6.6%. This growth was broad-based across all its components.

According to the report, «wholesale trade saw notable growth, driven by sales of food and machinery and equipment.»

Additionally, the automotive trade performed well due to increased vehicle sales, while retail trade excelled with strong performances in specialty clothing stores, grocery stores, and online sales platforms. In the seasonally adjusted monthly series, trade advanced by 2.3%.

Conversely, the services sector, which holds the largest weight in the economy, reported an annual growth of 2.2%, primarily driven by personal services, especially health services.

To a lesser extent, business services also contributed to the overall growth of the category. In the seasonally adjusted monthly tally, services grew by 0.2%, driven by the dynamism of transportation services.

Encouraging Outlook for Non-Mining Imacec

The divergence between mining and the rest of the economy becomes even clearer when analyzing the non-mining Imacec, which excludes the volatility of the copper sector.

This indicator, viewed as a better gauge of domestic activity, showed a much broader annual growth of 3.0%. Furthermore, in seasonally adjusted terms, it grew by 0.8% compared to November and 2.5% year-on-year, suggesting that the core of the Chilean economy continues to maintain a moderate yet sustained expansion pace.

Product taxes, another component of the indicator, also positively contributed to growth, with a 3.5% annual increase.

The Central Bank noted that, according to its dissemination calendar, «the GDP estimate for 2025, along with revisions for the first, second, and third quarters, will be released next Wednesday, March 18.»

Thus, the December figures provide a final glimpse into monthly activity before the aggregate annual result is reported, reflecting a close with positive indicators.

La entrada Positive December Growth: Chile’s Economic Activity Index (Imacec) Increases by 1.7% Driven by Services and Trade se publicó primero en El Ciudadano.