Chile's GDP Dips 0.6% in Q2 Amid Weaker Mining and Manufacturing

Chile's GDP decreased by 0.6% in the second quarter of 2024 compared to the previous quarter, primarily due to weaker mining, services, and manufacturing activities, according to the central bank. Annual GDP grew by 1.6%, driven by gains in mining, utility services, commerce, and transportation.

Chile's gross domestic product (GDP) declined by 0.6% in the second quarter of 2024 compared to the previous quarter, as revealed by the country's central bank on Monday. This decrease aligns with market predictions.

The central bank attributed the quarterly drop to reduced activity in mining, services, and manufacturing sectors in the world's largest copper producer. Specifically, mining GDP saw a 1.0% sequential decline.

On a year-over-year basis, Chile's economy grew by 1.6% in the second quarter, which is below the 1.8% growth anticipated by economists in a Reuters poll. The annual GDP rise was fueled by advancements in mining, utility services, commerce, and transportation, with mining GDP increasing by 5.5%.

(With inputs from agencies.)