Industrial production in Mexico grew 4.8% year-on-year in July, driven particularly by construction although with a drop in miningThe National Institute of Statistics and Geography (Inegi) reported this Monday.
The data was the result of the year-on-year increase, based on original construction figures (25.6%); the generation, transmission and distribution of electrical energy and water and gas supply (4.8%), and manufacturing (0.8%).
In contrast, mining fell 0.7% compared to the same month in 2022.
This way, In the first seven months of 2023, Mexico’s industrial production grew by 4.4% year-on-year.
This is the result of increases in construction (14.3%), electricity generation and water and gas supply (4.1%), manufacturing (2.3%), and mining (2.2%).
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On the other hand, The monthly indicator of industrial activity (IMAI) rose 0.5%in real terms and with seasonally adjusted figures, last July compared to the previous month.
This is due to monthly advances in the generation of electricity and water and gas supply (3.5%), construction (2%) and manufacturing (0.3%).
In contrast, there was a monthly decline in mining (2.6%).
The figures reflect the behavior of Mexico’s economy, whose gross domestic product (GDP) grew by 3.6% year-on-year and 0.8% quarterly in the second quarter of 2023, accumulating an increase of 3.7% in the year, according to the definitive figures from Inegi.
Industrial production in Mexico increased 3.3% annually in 2022, particularly due to manufacturing and with increases in all areas.
Mexico’s GDP rose 3.1% in 2022 driven by all sectors, while in 2021 it rose 4.8%, lower than the Government’s expectation.
Mexico was one of the Latin American countries that took the longest to recover its GDP after the Covid-19 pandemic, which caused a historic contraction of 8.2% in 2020.
By 2023, the Government estimates that Mexico’s economy will grow by at least 3%.
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