Economic activity in Mexico increase 1.6 percent annually in May
Date
7/23/2024 3:53:38 AM
(MENAFN) Mexico's economic activity saw a significant boost in May, with a real-term increase of 1.6 percent on an annual basis, according to the latest figures released by the National Institute of Statistics and Geography (INEGI) on Monday. This growth rate exceeded market expectations, which had projected a more modest 1.4 percent rise, and marked a notable acceleration from the 0.9 percent annual increase reported in April.
The data reveals a mixed performance across various economic sectors. On an annual basis, secondary activities, which encompass manufacturing and industrial operations, grew by 0.6 percent. In contrast, tertiary activities, including services and trade, experienced a more substantial increase of 2.3 percent. However, primary activities, which involve agriculture, mining, and other extractive industries, saw a decline of 1.8 percent, indicating challenges within this sector.
In addition to the annual growth, Mexico's economic activity showed improvement on a month-to-month basis. May’s figures reflected a 0.7 percent increase compared to the previous month, reversing the 0.6 percent decrease recorded in April. This monthly growth suggests a rebound in economic activity. Within this monthly context, primary activities saw a 0.7 percent increase, while secondary and tertiary activities grew by 0.7 percent and 0.8 percent, respectively. The broad-based gains across different sectors underscore a generally positive trend in Mexico’s economic performance, with improvements observed in both industrial and service-related activities.
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