The National Institute of Statistics and Geography (INEGI) reported that the country’s economic activity grew by 0.6% at a monthly rate in July 2024, according to the Global Indicator of Economic Activity (IGAE) , which allows us to know and monitor the evolution of the real sector of the economy.
In this report, Inegi highlighted that by component, in the seventh month this year and with figures adjusted for seasonality, primary activities , which include agriculture, livestock, fishing and other activities, grew 11.6 percent .
Meanwhile, tertiary services , which include services such as trade, transportation and communications, education and health, increased by 0.4% ; and secondary services , which include manufacturing and construction, grew by 0.2 percent in July 2024.
At an annual rate and with seasonally adjusted series, the IGAE increased by 2% in real terms. By major groups of activities, primary activities increased by 12.5%; tertiary activities by 2.2% and secondary activities by 0.6%.
These figures come after the Gross Domestic Product (GDP) in the second quarter of 2024 in Mexico registered a growth of 0.2% , compared to the first three months of the year.
Financial specialists and institutions do not perceive a favorable outlook for GDP, and have therefore reduced their growth forecasts to between 1.5 and 2.3% this year for various reasons, including the uncertainty generated by the reform of the Judiciary and the disappearance of autonomous bodies .
Also, there is the expectation of a change of government in the country with the arrival of Claudia Sheinbaum to the Presidency of the Republic, who will assume office on October 1.
Furthermore, on September 18, the Federal Open Market Committee (FOMC) of the United States Federal Reserve cut the funding rate by 50 basis points (bp), which will place the rate between 4.75 and 5.00 points.
For various analysts in the sector, the Fed’s decision sends a message about where the economy is headed, which could affect Mexico due to the close commercial relationship it has with its northern neighbor .
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