Imacec Rises 2.2% in October: Commerce Soars 8.1% and Non-Mining Activity Grows 2.6%

Original article: Imacec sube 2,2% en octubre: comercio salta 8,1% y la actividad no minera avanza 2,6%

The Monthly Economic Activity Indicator (Imacec) registered a growth of 2.2% in October 2025 compared to the same month last year, according to preliminary information released this Monday by the Central Bank. This figure reflects a significant recovery, primarily attributed to the strong performance of commerce and services.

The seasonally adjusted series—which removes seasonal and calendar effects—rose by 0.7% compared to September 2025, accumulating a 2.5% increase over twelve months. Importantly, October this year had the same number of working days as the same month in 2024, allowing for a direct comparison.

The core of internal activity showed strength: the non-mining Imacec registered an annual growth of 2.6%. In its seasonally adjusted form, this segment grew 0.6% month-over-month and 3.0% year-over-year, outperforming the general rate and indicating a more robust boost from the internal sectors.

Commerce Soars 8.1%

The standout result came from the commerce sector, which recorded an 8.1% annual increase. According to the Central Bank’s report, «all components showed positive results, particularly wholesale and retail trade.»

«The wholesale sector was driven by higher sales of machinery and equipment, as well as food items. Meanwhile, retail sales increased in large stores and specialized clothing outlets. There was also a rise in vehicle sales and maintenance services within the automotive trade,» the financial entity stated.

However, the seasonally adjusted data suggests a moderation in the monthly pace, with a slight increase of 0.1%, driven by the retail sector, while the wholesale sector had a negative impact.

Services and Goods Production: Mixed Results

The services sector continued its expansion, with a 2.5% annual increase. The report indicates that this «result was mainly explained by the performance of personal services, particularly in health. To a lesser extent, transportation also contributed to the rise of this grouping.» Seasonally adjusted, services grew by 0.7% month-over-month.

Conversely, goods production fell by 0.2% year-over-year, dragged down by mining and the «other goods» category.

«The decline in mining was attributed to lower copper extraction, while the ‘other goods’ sector saw a decrease in the value added from electricity generation,» the document specifies. The only positive component in this group was manufacturing, which grew thanks to «increased food processing.»

In seasonally adjusted figures, however, goods production rebounded by 0.8% month-over-month, driven by mining and industry.

The Imacec is the primary monthly indicator of Gross Domestic Product (GDP) behavior, and its year-over-year variation is a critical barometer of economic health. The growth seen in October, led by domestic consumption through commerce and supported by services, indicates resilient domestic demand.

You can view the full report from the Central Bank below: