SANTIAGO -- Chile's economic indicators by sector were mixed in May: while retail sales rose 0.6% in monthly terms, the manufacturing index contracted 2.3% mom (seasonally adjusted, non-annualized).
In particular, the retail sales index growth beat market expectations as per the latest Bloomberg survey of a 0.5% mom rise and followed a 0.8% monthly increase in April.
Meanwhile, the fall in manufacturing output was steeper than the expected 1.7% mom decrease and followed a 4.5% mom rise in April. Furthermore, this was the steepest decrease in the index since December 2013.
Meanwhile, mining output contracted 2.3% in May versus April and utilities output (electricity, gas and water) increased 0.3% in this same period (seasonally adjusted, non-annualized).
Based on these results, analysts are projecting a 1.6% yoy increase in the monthly GDP proxy in May which yields a monthly increase of 0.1% (non-annualized and seasonally adjusted).