Imacec: Economic activity registers its highest growth in February since May 2022

Imacec: Economic activity registers its highest growth in February since May 2022
Imacec: Economic activity registers its highest growth in February since May 2022

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The Monthly Indicator of Economic Activity (Imacec) grew 4.5% in February compared to the same month last year, the Central Bank reported on Monday, in an estimate that was above the consensus of market expectations.

The seasonally adjusted series increased 0.8% compared to the previous month and grew 2.8% in twelve months. The month recorded one more day than February 2023 as a result of the leap year. It was also the largest year-on-year expansion of Imacec since 5.1% in May 2022.

All activities contributed to the annual growth of Imacec, highlighting mining, services and other goods.. Likewise, the increase in the Imacec in seasonally adjusted terms was explained by all its components, mainly influenced by mining, services and industry,” the Central Bank said in a statement.

“The non-mining Imacec presented an increase of 3.5% in twelve months, while in seasonally adjusted terms it grew 0.6% compared to the previous month,” he added.

Analysts consulted by DF expected growth in a range of between 3.4% and up to 5% for the month of February, after the data from growth in industrial production and new blue figures in trade reported last week by the National Institute of Statistics (INE). In the Bloomberg survey, meanwhile, the consensus projections pointed to an expansion of 3.3% for February.

Analysis by activity

The issuing institute details that the production of goods increased by 8.7% year-on-year, mainly affected by the 11.5% increase in mining. In turn, the rest of goods showed an increase of 6.7%, and industry 5.2%.

In seasonally adjusted terms, the production of goods showed an increase of 1.7% compared to the previous month.

On the other hand, the trade activity registered an increase of 2% annually. This result was explained by wholesale and retail trade. “In the first, sales of household goods and food stood out, and in the second, sales in large stores, specialized food and beverage establishments, and pharmacies,” says the autonomous entity.

In contrast, automotive sales presented negative results.

The seasonally adjusted figures showed a growth of 0.4% compared to the previous month, thanks to automotive trade.

Lastly, the services presented an increase of 3.2% in 12 months, where transportation services stood out. In turn, in seasonally adjusted terms the sector grew 0.5% compared to January.

 
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