Mexico’s economic activity rebounded 7.1% per year in July
Mexico City, Sep 27 (EFE) .- Mexico’s economic activity rebounded 7.1% year-on-year in July 2021 compared to the same month a year earlier due to higher industrial activity and services, the National Statistics and Geography Institute (Inegi) reported on Monday.
Inegi said in a statement that this increase in the Global Economic Activity Indicator (IGAE) is the result of the rise in the service sector (7.4%) and the industrial sector (7.3%), while primary activities they fell by 0.7%.
According to seasonally adjusted figures, excluding cyclical and calendar factors, the IGAE increased by 0.5% compared to the previous month.
The agricultural sector grew by 1.9% monthly, while the industry grew by 1.1% and the service sector grew by 0.3%.
“After declining 1.1% on a month-to-month basis in June 2021, the global economic activity indicator rose 0.5% in July 2021. With this progression, it remained at a level similar to April 2021 and 2.9% below its peak in August 2018, ”Inegi President Julio A. Santaella said on Twitter.
The IGAE is a preliminary indicator of different sectors that shows the trend or direction that the Mexican economy will have in the short term.
Faced with the covid-19 pandemic, which has accumulated more than 3.6 million cases and more than 274,000 deaths, the fourth figure in the world, Mexico suspended non-essential activities in April and May 2020, with a cautious plan to economic reactivation since June.
The Mexican economy fell 8.2% in 2020, its worst contraction since the Great Depression of 1932.
Mexico’s gross domestic product (GDP) grew 2.1% in 2018, but contracted 0.3% in 2019.
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