Mexican economic activity grew by 4.3% year-on-year in May, driven in particular by services, according to the National Institute of Statistics and Geography (INEGI) data.
“This increase in Mexico’s global indicator of economic activity (IGAE) is the result of an annual growth in all sectors: primary (1.3%), secondary (3.9%), and tertiary (4.7%),” “INEGI” stated in a statement.
The IGAE did not have any monthly advance (0%), according to seasonally adjusted figures, without short-term and calendar factors.
Compared to the previous month, the agricultural sector advanced by 0.3%, industry grew by 1%, and services fell by 0.4%.
The IGAE is a preliminary indicator of many sectors that reflects the trend or direction that the Mexican economy will take in the short future.
The May data on economic activity is published a week before the Inegi reveals the preliminary figures of the growth of the gross domestic product (GDP) of the second quarter.
In the period from January to March, Mexican GDP grew by 3.7% year-on-year and 1% quarter-on-quarter.
The country had an annual growth rate of 3.1% in 2022 after an increase of 4.8% in 2021.
In addition to more than 7 million cases and more than 333,000 deaths, the COVID-19 crisis caused an 8.2% contraction of Mexico’s GDP in 2020, its worst collapse since the Great Depression of 1932.
Mexico’s economy grew by 2.1% in 2018, but contracted by 0.3% in 2019.
