Mexican Economy Grows by 0.9% in November

The economy of Mexico experienced a year-on-year increase of 0.9% in October of last year, according to the adjusted data presented by Inegi this Friday.

By sector, tertiary activities grew by 2%, while the primary sector advanced by 1.1%, and the secondary sector contracted by 0.9% on a year-over-year basis, according to the Global Indicator of Economic Activity (IGAE). In secondary activities, the generation, transmission, distribution, and commercialization of electricity, as well as the supply of water and natural gas through pipelines to end consumers, led the growth with an increase of 2.9%. This was followed by the manufacturing industry, which saw a rise of 0.5%. On the other hand, mining and construction experienced declines of 4.5% and 4.4%, respectively. In the tertiary sector, professional, scientific, and technical services dominated growth with an increase of 9.9%, followed by health and social assistance services (5.2%), retail trade (4.7%), and transportation, postal services, and warehousing (4.4%). On a monthly basis, the IGAE rose by 0.4%, with increases in the tertiary (0.5%) and secondary (0.1%) sectors, while the primary sector fell by 1.4%.

This modest increase in economic activity shows that certain sectors are managing to grow despite challenges. It is crucial for economic policies to continue promoting growth in the areas that have shown resilience, particularly in services and energy. However, the decline in other sectors like construction and mining clearly indicates that further efforts are needed to diversify and strengthen the economy as a whole.