The Mexican economic activity advanced by 1.3% year-on-year last July, pushed in particular by the industryas reported on Monday by 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 annual increases in the secondary sector (2.6%) and tertiary activities (0.8%), offset by a contraction in the agricultural sector (2.4%).
Likewise, according to seasonally adjusted figures, without conjunctural and calendar factors, the IGAE had a slight monthly increase of 0.4%, which reversed two months of consecutive monthly falls.
Compared to the previous month, the primary sector advanced by 0.8%, while the secondary sector grew by 0.4% and the tertiary sector also by 0.4%.
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.
Mexico’s GDP in the second quarter
This Monday’s data is published after the final figures for gross domestic product were revealed last month (GDP) of Mexico in the second quarter, when it advanced 0.9% quarterly and 2% year-on-year, accumulating growth of 1.9% in the first half of 2022.
In 2021, the country had an annual growth of 4.8% supported by the growth of the industrial sector (6.5%), services (4.1%) and agriculture (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 an 8.2% contraction of Mexico’s GDP in 2020, its worst collapse since the Great Depression of 1932.
Mexico’s GDP grew by 2.1% in 2018, but contracted by 0.3% in 2019.
For this 2022, financial institutions and experts, as well as the Ministry of Finance of the Government, estimate a growth of about 2%, with factors such as the war in Ukraine and a possible recession in the United States that could negatively affect the forecast.
MORE NEWS:
EFE International news agency based in Madrid and present in more than 110 countries.