IMACEC Falls 1.5% in July — Worst Reading in Three Years as Mining Output Plunges 9.3%

Chile's Central Bank reported July 2026 IMACEC contracted 1.5% year-on-year — reversing June's +2.4% expansion and marking the index's worst performance in more than three years — with the seasonally adjusted series down 1.7% month-on-month and 2.1% annualized. Mining output plunged 9.3% YoY on lower ore grades, scheduled maintenance and adverse weather that disrupted operations; the non-mining IMACEC fell a milder 0.3% YoY. Goods production contracted 3.2% annually and services fell 0.7% (education hit hardest by weather-related school closures), while commerce grew a modest 0.7%, partially offsetting the broader weakness. The Central Bank attributed part of the decline to 'condiciones climáticas' affecting productive establishments but offered no forward guidance on recession risk; the reading complicates the government's economic-emergency narrative after June's data had narrowly averted a technical recession.