Chile | Imacec grew 0.8% YoY in May below expectations

Summary

Imacec grew 0.8% YoY (0% MoM sa) in May, below both our and consensus expectations (at 1.6% and 1.5% YoY, respectively). This figure was principally explained by an improvement in services value-added, which in turn was partially offset by a decline in manufacture, mining and wholesale trade. All in all, we reinforce the downward bias to our GDP growth estimate for 2015.

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