The Mexican economy grew 3.4% in July compared to the same month last year according to the Timely Indicator of Economic Activity (IOAE), carried out by the National Institute of Statistics and Geography (INEGI).
The variation of secondary activities (mining, manufacturing, construction and electricity) was 3.2% annually, while tertiary (services sector) grew 3.6% annually for July 2023.
The IOAE allows to have timely econometric estimates on the evolution of the Global Indicator of Economic Activity (IGAE), according to INEGI.
While the IGA and its economic activities are released eight weeks after the end of the reference month, the IOAE presents its estimates only three weeks after the end of the month. With this, five weeks before the publication of official data.
Mexico’s economy maintains a positive pace thanks to the strength of its US counterpart, which grew 2.4% in the second quarter of the year.