EconomyLAST MINUTE: Economic activity in Mexico reaches its best...

LAST MINUTE: Economic activity in Mexico reaches its best level since September 2019

Mexico's economic activity grew in August for the second consecutive month and reached its best level since September 2019, according to figures released this Tuesday by the National Institute of Statistics and Geography.

The Global Indicator of Economic Activity presented a monthly growth of 1%, driven by a growth of 3.6% in primary activities, 1.2% in tertiary activities; while the secondary activities remained unchanged compared to the previous month.

At an annual rate, the indicator used to estimate the growth of the Mexican economy grew 4.7%, reaching 113 points in the base index, its best level since September 2019, when it stood at 113.3 points.

A previous estimate indicated that the IGAE would grow just 0.1% at a monthly rate, for which the 1% growth observed in August is above expectations.

For the month of September, the Timely Indicator of Economic Activity estimates IGAE growth of 0%, with a decrease for tertiary activities of 0.1% in its central scenario.

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The only sector that showed growth in August was mining, while manufacturing and construction fell in their monthly comparison.