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Economic activity in Mexico advanced 3.3% year-on-year in November driven by the agricultural sector

EFE.- Mexican economic activity advanced 3.3% year-on-year last November, driven in particular by the sector agriculturalreported this Wednesday the National Institute of Statistics and Geography (Inegi) based on original figures.

The Inegi indicated in a statement that this increase in real terms of the global indicator of economic activity (IGAE) is the result of annual increases in primary activities of 7.2%, of secondary activities of 3.2%, and tertiary activities of 3%.

It may interest you: The Mexican economy weakens: drop in the service sector in November reduces expectations of improvement

In contrast, according to seasonally adjusted figures, without circumstantial and calendar factors, the IGAE fell 0.5% at the monthly rate.

Compared to the previous month, the agricultural activities they advanced 5.3%, but industry remained unchanged, and services decreased 0.9%.

The IGAE It is a preliminary indicator of different sectors that shows the trend or direction that the Mexican economy will have in the short term.

The data for this Wednesday is published a week before revealing the preliminary estimate of the Gross Domestic Product (GDP) during 2022 of Mexicowhich in the third quarter advanced 0.9% quarterly and 4.3% year-on-year, with which it accumulates a growth of 2.9% in the year.

In 2021, the country had an annual growth of 4.8% supported by the growth of the industrial sector of 6.5%, the service sector of 4.1% and the agricultural sector of 2.9%, an increase less than government expectations of a rise of 6%.

It may interest you: Private sector analysts estimate that the Mexican economy will grow only 0.9% in 2023

In addition to more than seven million cases and more than 330,000 deaths, the Covid-19 crisis caused a contraction of 8.2% of the GDP of Mexico in 2020, its worst collapse since the Great Depression from 1932.

The Economy of mexico it grew 2.1% in 2018, but contracted 0.3% in 2019.

For this 2022, financial institutions and experts, as well as the Government Treasury Secretariat, estimate a growth close to 3%.

The charge Economic activity in Mexico advanced 3.3% year-on-year in November driven by the agricultural sector appeared first in Latin US.

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