Mexico’s economy grew 3.5% year-on-year in October: Inegi

economic activity Mexico grew 3.5% year-on-year in October despite a monthly decline in services sector activity, reported this Friday National Institute of Statistics and Geography (Inegi).

This figure exceeds the 2.9% expected by the Timely Indicator of Economic Activity. (IOAE) for the tenth month of the year.

Inegi indicated in its report that this increase in the global indicator of economic activity (IGAE) Mexico is the result of annual growth in all sectors.

The report notes annual growth in the sector higher (trade, tourism, communications, among other things) in the amount of 2.5%, and by type of activity secondary (mining, construction, manufacturing)among others) amounted to 5.2%.

In its turn, primary (agriculture and livestock) They reported an increase of 5.8% compared to the same period in 2022.

Thus, Mexico’s economic activity increases by 3.5% annually in the first ten months of the year.

This was driven by growth in the construction sector, which grew 27.7 points last year, followed by agriculture and wholesale trade, which grew 7.9%.

Monthly results and trends

In contrast, the IGAE index contracted slightly in October by 0.1% month-on-month, based on seasonally adjusted data excluding cyclical and calendar factors.

Compared to the previous month, tertiary activity decreased by 0.5%, secondary activity increased by 0.6%, and primary activity increased by 2.5%.

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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.

In turn, the IOAE evaluates the performance of the economy in advance before publishing the IGAE, a reference material for Gross Domestic Product (GDP) monthly.

For November, this latest figure suggests growth of 4.2% year-on-year, and an increase of 0.4% compared to October this year.

Source: Aristegui Noticias