Industrial production in Mexico increased by 2.8% in November compared to the previous year, mainly driven by construction. However, there were decreases in mining and manufacturing, according to the National Institute of Statistics and Geography (Inegi) reported on Thursday.
The data was obtained from the annual increase, based on original figures, in the construction sector (18%), as well as in the generation, transmission, and distribution of electricity and the supply of water and gas (5.5%).
On the contrary, mining activity decreased by 2.4% and manufacturing industries by 0.3% compared to the same month in 2022.
Therefore, during the first 11 months of 2023, Mexico’s industrial production experienced a 3.8% growth compared to the same period of the previous year.
This happens due to the increase in each of these sectors: construction (15.4%), electricity generation, water and gas supply (3.8%), mining (1.7%), and manufacturing (1.3%).
In contrast, in November of last year, the monthly index of industrial activity (IMAI) decreased by 1% in real and seasonally adjusted terms compared to the previous month.
This is due to monthly decreases in all areas: in construction (2.9%), mining (1.4%), manufacturing (0.5%), and electricity generation and water and gas supply (0.4%).
The numbers illustrate the progress of the Mexican economy, which experienced an annual growth of 3.3% in the third quarter of 2023 and a quarterly increase of 1.1%. This signifies an overall annual increase of 3.4%.
Industrial production in Mexico saw an annual increase of 3.3% in 2022, primarily driven by the manufacturing sector and with growth observed in all areas.
In 2022, Mexico’s GDP witnessed a growth of 3.9%, driven by all sectors. On the other hand, there was a 6.1% increase in GDP in 2021.
Mexico was one of the Latin American countries that took the longest to recover its Gross Domestic Product (GDP) after the covid-19 pandemic, which caused a historic decrease of 8.8% in 2020.
Regarding the year 2023, government authorities estimate that Mexico’s economy has seen a growth of at least 3%.
(EFE)
