Mexican economy would grow 2.9% in August due to greater dynamism in industries, commerce and services

The mexican economy its performance would improve between July and August driven by a better dynamism in the most important sectors: secondary activities and tertiary activities.

Preliminary figures reflecting the Timely Indicator of Economic Activity (IOAE) show that the economy would grow 2.9% year-on-year, after 1.8% during the previous month.

Secondary activities, which include the manufacturing industry, construction, the energy sector, water and gas, and mining, would be making a jump of 3.1% during this month.

For its part, this August, tertiary activities -which integrate commerce and services- would be growing 2.6% compared to the same month of the previous year.

These increases significantly push the dynamism of the general economy; together they contribute 9 out of every 10 pesos of the GDP all of Mexico.

Analysts and financial institutions expect the Mexican economy to close 2022 with growth of between 1.5 and 2.0% in year-on-year terms. Although the economic expansion and the post-pandemic recovery process have been less than expected, experts rule out that the country is at risk of an economic recession.

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