Economic activity in Mexico rose 1.7% in November

Mexico City, January 25 (EFE). Economic activity in Mexico rose 1.7% annually in November, driven mainly by the agricultural sector, the National Institute of Statistics and Geography (Inegi) reported on Tuesday.

Inegi noted in a statement that this progress in Mexico’s global indicator of economic activity (IGAE) is the result of the increase in the agricultural sector (6.9%), the industrial sector (1.6%) and the service sector (1.3%). ), in the original numbers.

According to seasonally adjusted numbers, excluding situational and calendar factors, IGAE is up 0.3% over the previous month. The primary sector rose 7.2%, while the tertiary sector rose 0.5%, while the secondary sector declined 0.1%.

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.

The November data is released after it is confirmed that Mexico’s GDP contracted 0.4% quarterly between July and September 2021, although it accumulated annual growth of 6.1% in the first nine months of the year.

In addition to nearly 4.7 million cases and about 305,000 deaths, the fifth largest in the world, the COVID-19 crisis caused a contraction of 8.2% of Mexico’s GDP in 2020, its worst collapse since the Great Depression of 1932.

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

For 2021, the government estimates growth of at least 6% for Mexico, driven in particular by foreign trade and the recovery of the United States.

But data from the third quarter and from the IGAE led private sector analysts to cut their economic forecasts to a lower number. EFE

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