Despite the decrease compared to the previous month, economic activity rebounded in Mexico 4.3% annually in August compared to the same month in the previous year due to higher industrial activity and services, the National Institute of Statistics and Geography (INEGE) reported on Monday.
Inegi indicated in a statement that this progress in the Global Index of Economic Activity (IGAE) is the result of the increase in the industrial sector (5.5%) and the service sector (3.8%), while agricultural activities grew by only 0.5%. .
But according to seasonally adjusted numbers, excluding situational and calendar factors, the IGAE is down 1.6% from the previous month.
The industrial sector advanced 0.4%, while the services sector declined 2.5%. Agriculture decreased by 2.4%.
IGAE fell 1.6% m/m in August 2021, its second decline in 3 months, showing an initial downtrend moving away from its pre-pandemic level. “It was -4.5% lower than the level recorded in January 2020,” Inegi President Julio A. Santaella said on Twitter.
IGAE is a preliminary indicator of different sectors that shows the direction or direction that the Mexican economy will see in the short term.
In the face of the covid-19 pandemic that is piling up Nearly 3.8 million cases and more than 286,000 deathsThe fourth largest in the world, Mexico suspended non-essential activities in April and May 2020, with a cautious economic reactivation plan since June.
The Mexican economy fell 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% over the same period the previous year.
For this year, the government and analysts estimate growth of at least 6% for Mexico, driven in particular by foreign trade and the recovery of the United States.
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