Industrial Production Index (IPI) in Chile

Chile's Industrial Production Index (IPI) measures the change in the physical volume of output in the mining, manufacturing and electricity-gas-water (EGW) sectors. It is the cyclical indicator of the industrial sector published by the National Statistics Institute (INE), on a 2018=100 average-year base.

The INE aggregates three sectoral indices (Mining, Manufacturing and Electricity, Gas and Water production) weighted by their share of value added, from physical-output surveys classified under CIIU4.CL 2012. The series is published spliced and seasonally adjusted, as a year-on-year change (%).

It is the thermometer of the goods-producing sector: sharp falls foreshadow weakness in the IMACEC and quarterly GDP and tend to pressure the Chilean peso lower, while upside surprises signal industrial recovery and can bear on the Central Bank of Chile.

It is highly sensitive to copper mining (the largest-weighted division), so shocks specific to that activity (ore grade, strikes, prices) can move the overall IPI without reflecting non-mining manufacturing. The most recent months are provisional and are revised in later releases.