The economic activity Mexico advanced 5.2% year-on-year last September, driven in particular by agriculture, as reported this Friday by the National Institute of Statistics and Geography (Inegi) based on original figures.
The Inegi indicated in a statement that this increase in real terms of the global indicator of economic activity (IGAE) It is the result of the annual increases in the primary sector (8.6%), tertiary activities (5.6%), and secondary activities (3.9%).
Likewise, according to seasonally adjusted figures, without circumstantial and calendar factors, the IGAE had a monthly increase of 0.7%, which implies its third consecutive monthly increase.
Compared to the previous month, the primary sector advanced 0.5% and the tertiary sector 1%, but industry fell 0.2%.
Mexican economy
The IGAE is a preliminary indicator of different sectors that shows the trend or direction that the Mexican economy will have in the short term.
This Friday’s data is published at the same time as the final figures for Mexico’s gross domestic product (GDP) in the third quarter, when it advanced 0.9% quarterly and 4.3% year-on-year, accumulating growth of 2.9% in the first three quarters 2022.
The country had an annual growth of 4.8% in 2021 supported by the growth of the industrial sector (6.5%), the service sector (4.1%) and the agricultural sector (2.9%), an increase lower than government expectations of a rise of 6 %.
In addition to more than 7 million cases and more than 330,000 deaths, the covid-19 crisis caused a contraction of 8.2% of the GDP of Mexico in 2020, its worst crash since the Great Depression of 1932.
The GDP of Mexico it grew 2.1% in 2018, but contracted 0.3% in 2019.
For this 2022, financial institutions and experts, as well as the Government Treasury Secretariat, estimate a growth of close to 2%, with factors such as the war in Ukraine and a possible recession in the United States that could negatively affect the forecast.
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