Mexico’s economy would have grown 2.9% year-on-year in October, Inegi predicts

Economic activity Mexico October would have risen 2.9% from the same month the previous year, less than expected in August, according to preliminary data released Tuesday by the agency. National Institute of Statistics and Geography (Inegi).

He Timely Indicator of Economic Activity (IOAE) evaluates economic performance in advance before the publication of the Global Economic Activity Indicator (IGAE), link to Gross Domestic Product (GDP) monthly.

In turn, the IGAE is a preliminary indicator of various sectors that shows the trend or direction that the Mexican economy will have in the short term. This and its economic activities are announced approximately eight weeks after the IOAE.

The IOAE therefore expects the Mexican economy to contract 0.1% in October compared to September.

The sector saw a monthly decline in a report released on Tuesday. higher (trade, tourism, communications, etc.) 0.1%.

The same figure was indicated for activities universities (mining, construction, manufacturing, etc.), which decreased by 0.1%.

Compared to the same period in 2022, the indicator estimates Mexico’s economy will grow by 2.9%. The expected annual change in secondary activity is 4.1% and tertiary activity is 2.2%.

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According to the forecast of International Monetary Fund (IMF)Mexico’s economy will slow its growth next year, expanding by 2.1% from the 3.2% previously forecast for 2024.

In his opinion, Ministry of Finance and Public Credit (SCHP) The Mexican government expects the country’s gross domestic product (GDP) growth to peak at 3.5% next year.

Source: Aristegui Noticias