The Imacec index, a proxy for gross domestic product, fell 0.5% in August from July, compared to the median estimate for a 0.2% gain from analysts in a Bloomberg survey. It matched the 0.5% decline recorded in May. From a year prior, the index dropped 0.9%, the central bank reported on Monday.
The peso fell as much as 0.5% against the dollar in morning trading. Two-year swap rates, a measure of key rate expectations, dropped 6 basis points to 6.39%.Services declined 0.9% on the month in August with the sector dragged down by eduction, while mining slipped 0.3%, according to the central bank. On the other hand, commerce gained 0.6% on the back of automobile sales.“August activity data added evidence that domestic demand is cooling in Chile.
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