Chile's Central Bank reported on 5 December 2016 the country's index for economic activity, the IMACEC, had fallen by 0.4 percent in October 2016. This represented the first fall in the index since October 2009, when the country was in the midst of the global financial recession. Some of the key factors behind this fall are the poor performance of the mining and manufacturing sectors (BioBio). Economy Minister Luis Felipe Céspedes issued calls for a calm reaction, and argued the fall in the index was caused by specific factors, rather than underlying issues. Céspedes linked the poor performance to the the drop in copper prices, and called for a reduced dependence of the Chilean economy on copper in order to promote sustainable growth (La Nación).