SANTIAGO (Reuters – Chile’s IMACEC economic activity indicator, which is a closely related proxy of gross domestic products (GDP) in Chile, rose 7.2% to March, its central bank stated on Monday.

A Reuters survey of economists found that this figure was more than what the market expected to see, which is 6.3%. The central bank stated that the reason for the growth was “mainly due to the increased activity in services.”

According to the report, services (including transport and business services) rose 12.2%. Commerce saw an 8.6% increase, thanks to increased retail sales, home equipment, and sales of automobiles.

A decline in performance by the mining industry led to 1.5% decrease in goods production, according to the central bank.

According to the central bank, Chile’s economy in March also grew 1.6% in seasonally adjusted terms.

Services and commerce suffered a sharp drop due to the health precautions taken during the coronavirus epidemic. However, these measures were relaxed and Chile’s economy is now recovering faster than anticipated.

It has caused strong consumer price pressures, which have been combated by the central bank’s sharply rising benchmark interest rate.