The National Institute of Statistics and Geography (Inegi) reported that the Mexican economy grew by 1.1% year-on-year in July 2024, according to estimates from the Timely Indicator of Economic Activity (IOAE). This data reflects moderate expansion, particularly in the services and commerce sectors, although there was slower progress in manufacturing and construction.
The Inegi report also detailed that within economic activities, a 1.6% increase is expected in tertiary activities, which include services such as commerce, transportation and communications, education, and health—sectors that continue to drive economic growth in the country.
On the other hand, secondary activities, which encompass manufacturing and construction, show a marginal growth of 0.1%, suggesting a more gradual recovery in these areas.
The IOAE also estimated that, on a monthly basis, total economic activity may have experienced a slight contraction of 0.1% in July 2024 compared to June, due to a decrease in industrial production. This minor contraction reflects the changes and challenges facing the Mexican economy amidst an uncertain global environment, where factors such as external demand and input costs continue to impact key sectors.
Inegi’s report highlighted the importance of closely monitoring the evolution of less dynamic sectors, such as manufacturing and construction. These sectors face significant challenges that could affect overall growth if adequate measures are not taken.
The performance of tertiary activities remains a fundamental pillar for economic growth, but long-term sustainability will depend on balancing all productive sectors in the country.
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