IMACEC Grows 2.4% in June, Chile Narrowly Avoids Technical Recession

The Central Bank's economic activity index (IMACEC) rose 2.4% year-on-year in June 2026, ending a streak of five consecutive months of annual contractions and beating market expectations. The seasonally adjusted series rose 0.6% month-on-month and 1.4% over twelve months. Combined with the revised figures, second-quarter economic activity closed with a preliminary expansion of 0.1%, allowing Chile to narrowly rule out a technical recession (two consecutive quarterly contractions) after Q1's -0.5% GDP print. Mining, services, and commerce drove the June rebound; the government pointed to the result alongside record copper prices as evidence the economy is turning a corner, while private economists still trimmed full-year 2026 growth forecasts to below 1.5%.