Economic activity in Mexico increases 0.9 percent in April
Date
6/23/2024 5:37:04 AM
(MENAFN) Mexico's economic activity in April displayed a 0.9 percent increase in real terms on an annual basis, according to data released by the country's statistical authority, INEGI, on Friday. This growth rate, adjusted for seasonal variations, represented a slowdown from the 3.3 percent year-on-year expansion observed in March.
INEGI reported that annual growth in secondary activities (which include manufacturing and construction) was modest at 0.6 percent, while tertiary activities (services) saw a stronger increase of 1.3 percent. However, primary activities, which encompass agriculture and natural resource extraction, experienced a decline of 1 percent annually.
On a monthly basis, economic activity in Mexico contracted by 0.6 percent in April compared to March. This decline contrasted with a slight 0.3 percent increase recorded in March. Primary activities notably declined by 2.5 percent month-on-month, while secondary and tertiary activities also saw decreases of 0.5 percent and 0.6 percent, respectively.
The data highlights a mixed performance across Mexico's economic sectors in April, reflecting varying trends in manufacturing, services, and agriculture. While annual growth rates suggest overall economic resilience, the monthly decline underscores potential short-term challenges and fluctuations within the economy. Moving forward, monitoring these sectoral dynamics will be crucial in assessing Mexico's economic trajectory amid global economic uncertainties and domestic policy initiatives.
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