Mexico recorded its strongest monthly economic growth in more than a year In April, official data showed.
The National Statistics Agency “INEGI“ reported that the global index of economic activity, which measures gross domestic product on a monthly basis, rose 0.8% in April compared to the previous month.
Economic activity in the primary sector, including agriculture, rose 1.2% from March to April.
It was the best result since March 2022, following a 0.2% month-on-month contraction in March. The 0.8% growth figure easily exceeded the expectations of analysts from Citibanamex, who expected a 0.4% month-over-month increase.
Seasonally adjusted figures show that primary sector economic activity increased by 1.2% in April compared to March.
The institute said the annual increase in the IGAI index based on seasonally adjusted numbers was 3.3%.
Anders Abadia, chief economist for Latin America at Pantheon Macroeconomics, attributed the strong economic result in April to a combination of factors, including a strong labor market, low inflation, federal government spending on welfare, and an upward trend.
The publication of the final economic data for the month of April comes a week after the release of the preliminary figures for the month of May, which show monthly and annual growth of 0.1% and 2.5%, respectively.
