Industrial production in Mexico rose 3.9% year-on-year in August driven in particular by manufacturingreported this Wednesday the National Institute of Statistics and Geography (Inegi).
The data was the result of the year-on-year rise, based on original figures, of the manufacturing industries (8.1%) and the generation, transmission and distribution of electricity and water and gas supply (4.2%).
In contrast, there were decreases in mining (-0.1%) and construction (-4%).
In this way, In the first eight months of 2022, Mexico’s industrial production grew by 3.2% year-on-year.
This is the product of increases in manufacturing (5.3%), electricity generation and water and gas supply (3.1%), and mining (0.8%), while construction fell 0.5%.
In seasonally adjusted figures, industrial activity did not advance or decline globally in August compared to last month.
This was the result of a monthly increase in mining (0.4%), accompanied by contractions in construction (-1.7%), electricity generation, and water and gas supply (-0.4%), and manufacturing. (-0.1%).
The figures are a reflection of the behavior of the Mexican economy, which grew by 0.9% quarterly and 2% year-on-year in the second quarter of 2022, accumulating an annual rise of 1.9% in the first half of the year.
In 2021, industrial production rebounded 6.5% compared to 2020, when there was a 10% drop due to the covid-19 pandemic, which added to the 1.8% decrease 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 2022, most institutions and analysts estimate that the Mexican economy will grow around 2%, while the Ministry of Finance officially estimates that the economy will grow 2.4%.
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