Economic activity in Mexico rebounded 7.1% annually in July

Economic activity in Mexico rebounded 7.1% annually in July
This content was published on Sep 27, 2021 – 13:11

Mexico City, September 27 (EFE). Economic activity in Mexico rebounded 7.1% year-on-year in July 2021 compared to the same month the previous year due to higher industrial and service activity, the institute reported Monday. National Statistics and Geography (ENGI).

Inegi indicated in a statement that this progress in the Global Index of Economic Activity (IGAE) is the result of the increase in the services sector (7.4%) and the industrial sector (7.3%), while primary activities decreased by 0.7%.

According to seasonally adjusted numbers, excluding situational and calendar factors, IGAE is advancing 0.5% over the previous month.

The agriculture sector increased by 1.9% month-on-month, while the industrial sector grew by 1.1% and the services sector increased by 0.3%.

“After declining by 1.1% month-on-month in June 2021, the global indicator of economic activity grew by 0.5% in July 2021. With this progress, it remained at a level similar to that in April 2021 and 2.9% below the maximum. In August 2018, Inegi president Julio A. Santaella said on Twitter.

The IGAE is a preliminary indicator of various sectors that shows the direction or direction that the Mexican economy will see in the short term.

In the face of the COVID-19 epidemic, which has accumulated more than 3.6 million cases and more than 274,000 deaths, the fourth largest in the world, Mexico suspended non-essential activities in April and May 2020, with a cautious plan for economic revitalization. Since June.

The Mexican economy collapsed 8.2% in 2020, its worst contraction since the Great Depression of 1932.

Mexico’s GDP grew by 2.1% in 2018, but contracted by 0.3% in 2019.

In the first half of this year, the economy grew 6.9% compared to the same period the previous year.

For the year, the government and analysts estimate growth of at least 6% for Mexico, mainly due to foreign trade and the recovery of the United States. EFE

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