Economic activity in Mexico rose 4.2% in November compared with the same month last year, according to preliminary data released Tuesday by Mexico’s Finance Ministry. National Institute of Statistics and Geography (Inegi).
The Timely Indicator of Economic Activity (IOAE) estimates the economy’s performance in advance of the release of the Global Indicator of Economic Activity (IGAE), the benchmark 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.
Thus, the national statistics agency predicts in the IOAE that in the penultimate month of 2023 the Mexican economy will grow slightly, exceeding the October level by 0.4%.
The sector saw month-on-month growth, according to a report released on Tuesday. higher (trade, tourism, communications, among other things) by 0.4%.
The same figure was indicated for activities universities (mining, construction, manufacturingamong other things), which increased by 0.4%.
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Compared to the same period in 2022, the indicator estimates Mexico’s economy will grow by 4.2%. The expected annual change in secondary activity is 5.1% and tertiary activity is 3.7%.
Fitch ratings Mexico’s GDP is expected to grow by 3.4% in 2023, although growth is forecast to slow to 2.4% in 2024.
Source: Aristegui Noticias
Roy Brown is a renowned economist and author at The Nation View. He has a deep understanding of the global economy and its intricacies. He writes about a wide range of economic topics, including monetary policy, fiscal policy, international trade, and labor markets.
