Chile: Business confidence inches down in December
The business confidence index (IMCE, Indicador Mensual de Confianza Empresarial) published by ICARE and the Universidad Adolfo Ibáñez inched down from 49.0 points in November to 48.8 points in December, staying below the crucial 50-point threshold that separates pessimism from optimism among businesses. In December, two out of the four sectors surveyed were in negative territory, matching November’s result.
The deterioration in December was led by the industrial sector, where sentiment fell deeper into negative territory for a third consecutive month, amid lower production expectations. Furthermore, confidence in the construction sector remained pessimistic, although forward looking price expectations improved. On a brighter note, the mining sector grew slightly more optimistic due to a better outlook for copper prices. Lastly, the commerce sector stayed optimistic, with all components remaining in positive territory.