Mexican Economy Grew 0.6% in January: INEGI

The National Institute of Statistics and Geography (INEGI) announced that the Mexican economy grew during the first month of 2023, as shown in its monthly in-depth indicator that reviews most of the economy. 

INEGI’s Global Indicator of Economic Activity (IGAE) for January 2023 showed that the Mexican economy grew at a monthly rate of 0.6% with seasonally adjusted figures. INEGI noted that the IGAE is affected by seasonal factors and that its adjustments of data allow for a better diagnosis.  

During the month, tertiary activities grew 1.2% and secondary activities remained unchanged. However, Mexico’s primary activities reported a drop of 5.7% with seasonally adjusted data, which is based on a 2013 initial index, explains INEGI via a press release. 

INEGI highlighted that the IGAE grew at an annual rate with seasonally adjusted series by 3.6% in January 2023. Mexico’s primary activities, tertiary activities and secondary activities presented increases between January 2022 and January 2023 of 0.9%, 4.5% and 2.5%, respectively. 

INEGI follows strict requirements to collect data for its economic surveys and final estimates. It also clarified that the IGAE does not include forest use, fishing, hunting and capture, nor the totality of tertiary activities for its measurement and specified that its growth rate may differ from that registered for the Gross Domestic Product (GDP).

IGAE serves as a monitor for the evolution of Mexico’s economy in the short term and provides decision-making variables. INEGI specified that the indicator’s geographical area coverage is national and represents 94.7% of the gross added value of the economy. The indicator is based on the System of National Accounts of Mexico (SCNM). The institute also explained via its Methodology Seasonal Adjustment that the conducted calculations need seasonal adjustments to minimize discrepancies.  

INEGI announced that Mexico’s GDP growth advanced at a 0.5% quarterly rate during 4Q22, with seasonally adjusted figures and 3.1% at an annual rate, as reported by MBN.