Industrial production in Mexico grew 3.5% year-on-year in February, driven in particular by miningThe National Institute of Statistics and Geography (Inegi) reported this Tuesday.
The data was the result of the interannual rise, based on original figures, of all items: mining (7.9%); the generation, transmission and distribution of electrical energy and the supply of water and gas (4.9%); construction (3%) and manufacturing (2.4%).
This way, In the first two months of 2023, industrial production in Mexico grew by 3.1% year-on-year.
This is due to increases in electricity generation and water and gas supply (4.7%), manufacturing (3.6%), construction (2.8%), and mining (1.5%).
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On the other hand, the monthly indicator of industrial activity (IMAI) grew 0.7%in real terms and with seasonally adjusted figures, last February compared to the previous month.
This is due to the monthly advances in mining (4.1%) and in the generation of electricity and water and gas supply (0.3%).
By contrast, there were monthly falls in manufacturing (-0.5%) and construction (-0.2%).
Sector in recovery
The figures are a reflection of the behavior of the Mexican economy, which grew by 3.1% annually in 2022.
Industrial production in Mexico grew by 3.3% annually in 2022, driven in particular by manufacturing and with increases in all sectors.
In 2021, industrial production rebounded by 6.5% compared to 2020, when there was a 10% drop due to the Covid-19 pandemic, which added to the 1.8% decline in 2019.
Mexico’s gross domestic product (GDP) grew 4.8% in 2021, below government expectations of 6%, after contracting 8.2% in 2020, its worst slump since the Great Depression of 1932.
For this 2024, the Government estimates that the Mexican economy will grow around 3%.
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