Chile’s IMACEC economic activity index fell 1.5% year-on-year in July 2026, missing forecasts for a 0.4% increase and marking the sharpest decline since March after a downwardly revised 2% rise in June. Goods production dropped 3.2%, led by a 9.3% decline in mining, particularly copper, amid lower ore grades, maintenance work and adverse weather, while manufacturing fell 3.1% and services declined 0.7%; trade rose 0.7% and non-mining IMACEC fell 0.3%. Seasonally adjusted monthly activity decreased 1.7%. The reading follows July copper output of 403,424 metric tons, the lowest for that month since 2011, and industrial production that fell 5.1% year-on-year, underscoring a weak start to the third quarter for the world’s largest copper producer.