SANTIAGO (Reuters) - Chile’s economic activity CLACTI=ECI dropped 3.3% in November, the central bank said on Thursday, led by a decline in mining activity, as the impact of nearly two months of unrest began to register in the world’s top copper producer.
The IMACEC economic activity index encompasses about 90% of the economy that gross domestic product covers.
Protests have rocked Chile for two months, leaving 26 dead and causing billions in losses for private businesses and public infrastructure. Demonstrations and sometimes violent riots and looting prompted the central bank to slash forecasts for growth, investment and demand through 2020.
Mining activity measured in GDP terms plunged 5.1% in November, the bank said, among the first signs that the protests have taken a toll on the key country’s key economic driver.
Its vast copper mines — the country produces nearly a third of the world’s copper— had largely maintained production and operated normally through early November at the height of brunt of unrest, though some miners had warned that protests, strikes and road blockades were taking a toll.
Non-mining activity fell 3.1%, the bank said, led by a fall in both commerce and the services. The bank highlighted sharp falls in transportation and tourism.
Much of Santiago, Chile’s capital of 6 million, was shut near the end of October as riots and looting closed streets, central squares and many small businesses, hotels and restaurants.
Reporting by Dave Sherwood; editing by John Stonestreet
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Chile economic activity declines 3.3% in November as mining falls - Reuters
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