The Chilean economy grew 0.3% year-on-year in November, in the first rise since the arrival of the coronavirus pandemic in Chile in March, the Central Bank reported.

In seasonally adjusted terms, the Monthly Indicator of Economic Activity (IMACEC) rose 1.1% compared to the previous month, the agency said in a statement.

“In the result of the month, the growth of trade stood out, partially offset by the fall in services and the production of goods. The latter were impacted by the effects of the health emergency associated with Covid-19, which influenced the mobility of people and the normal operation of productive establishments, "said the Bank.

The advance of the seasonally adjusted series was explained by the performance of services and the production of goods, he added.

Finance Minister Ignacio Briones highlighted the "good news" but said it was necessary to "redouble efforts" to face "the challenge that lies ahead, the caliber of this company called recovering our economy."

The mining IMACEC fell 1.1% while the non-mining sector rose 0.4 percent.

The November record shows the first rise since February, when the economy grew 3.3% according to revised figures from the Central Bank.

"Although the advance is largely explained by a low comparison base as a result of the social outbreak at the end of 2019, the seasonally adjusted series resumed its advance path in monthly terms," Sebastián Díaz, a macroeconomic analyst at Pacífico Research, said in a note.

The South American country was shaken since October last year by a wave of social protests demanding greater equality, which only subsided in March with the arrival of the pandemic. The economy, hard hit by the so-called "social explosion", had begun to show signs of recovery when the health crisis erupted.

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