Mexican Economy Grew 1 Percent in August 2022: INEGI

The National Institute of Statistics and Geography (INEGI) reports that the Mexican economy grew by 1 percent in August 2022, compared to the previous month. INEGI’s Global Indicator of Economic Activity (IGAE) also points to growth in primary and tertiary activities.

“By component and with seasonally adjusted data, in August 2022, the monthly variation was as follows: primary activities increased 3.6 percent; the tertiary, 1.2 percent and the secondary ones did not present change. Last August, at an annual rate and with seasonally adjusted series, the IGAE advanced 4.7 percent in real terms. Due to large groups of activities, the tertiary grew 5.4 percent; the primary ones, 4.3 percent and the secondary ones, 3 percent,” reads INEGI’s press release.

Figures from August 2022 presented inferior results to those of the same month in 2021, according to IGAE. The growth in primary activities fell from 4.3 percent to 3.6 percent; secondary activities fell from 3.0 percent to 0 percent and tertiary activities registered the largest drop from 5.4 percent to 1.2 percent. However, August presented slight growth in comparison to the previous month in terms of increases in primary and tertiary activities.

INEGI’s economic report includes data from agricultural, oil, energy, gas and water and financial companies. It uses statistics from the Mining and Metallurgical Industry (EIMM), Monthly Survey of the Manufacturing Industry, (EMIM), National Survey of Construction Companies (ENEC), Monthly Survey on Commercial Companies (EMEC), Monthly Survey of Services (EMS) and the National Survey of Occupation and Employment (ENOE) and data by chambers and associations of producers and public and private institutions for the elaboration of the IGAE.