EconomyMexico's economic activity did not grow in August

Mexico's economic activity did not grow in August

In August, Mexico's economic activity would have stagnated compared to the previous month, maintaining an annual growth of 2.9%, reported the National Institute of Statistics and Geography (Inegi).

According to the Timely Indicator of Economic Activity (IOAE), in August 2022, secondary activities had a monthly decrease of 0.1%, while tertiary activities had no variation compared to July.

In its annual comparison, secondary activities are expected to have an increase of 3.1% and tertiary activities a variation of 2.6%, compared to August 2021.

The IOAE is a timely estimate of the evolution of the Global Indicator of Economic Activity (IGAE), which is used to calculate the Gross Domestic Product of Mexico. Every trimester.

In June, the IGAE had a contraction of 0.3% at a monthly rate and the IOAE estimates that for July and August there will be monthly variations of 0.4% and 0.0%, respectively, in its central scenario.

Mexico registers 57.5 million people with employment in September

The informality rate was 55.6% and unemployment during the patriotic month was 3.3%, according to Inegi figures

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The IGAE grew for the second consecutive month, driven by an increase in primary and tertiary activities, although with a stagnation in those of the secondary sector.

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

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