In September 2024, Mexico’s economic activity increased 0.2% compared to last August, driven mainly by agriculture and manufacturing , the National Institute of Statistics and Geography (Inegi) announced on Friday .
According to the Global Indicator of Economic Activity (IGAE) , by component, in the ninth month of this year and with figures adjusted for seasonality, primary activities, which include agriculture, mining and fishing, increased 1.3 percent .
In the same month, secondary activities , which include manufacturing and construction, rose by 0.6 percent . Tertiary activities, which involve services such as trade, transportation and communications, education and health, fell by 0.1 percent .
At an annual rate, the IGAE increased by 0.8% in real terms. By major groups of activities, tertiary activities increased by 1.1% and primary activities by 0.6% . Secondary activities did not show any variation.
The IGAE allows us to know and monitor the evolution of the real sector of the economy in the short term, explained Inegi in its report.
According to the Board of Governors of the Bank of Mexico (Banxico) , in the third quarter of this year, national productive activity registered greater growth than in the three previous quarters, and according to its assessment, between the last quarter of 2023 and the second of this year, the growth rate remained stagnant.
In this context, he estimated that productive activity will show “sluggishness” in 2025, which has generated a slowdown in employment, and noted that the balance of risks for economic activity remained biased downwards.
It should be remembered that on November 14, the agency reported that it had applied a new cut of 25 basis points to its reference rate, leaving it at a level of 10.25 percent .
This resolution by Banxico was taken after the Federal Reserve System (Fed) , the central bank of the United States, applied a reduction of a quarter of a percentage point to its rate, leaving it in a range of 4.50 to 4.75 percent .
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