Mexico’s economic activity rebounded by 7.1% annually in July

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Mexico City, Sep 27 (EFE) .- Mexico’s economic activity rebounded 7.1% year-on-year in July 2021 compared to the same month of the previous year due to the rise in industrial and service activity, the Institute reported Monday National Statistics and Geography (Inegi).

Inegi indicated in a statement that this advance in the Global Indicator of Economic Activity (IGAE) is the result of the increase in the services sector (7.4%) and the industrial sector (7.3%), while the primary activities they fell 0.7%.

According to seasonally adjusted figures, without conjunctural and calendar factors, the IGAE advanced 0.5% compared to the previous month.

The agricultural sector increased 1.9% monthly, while the industry grew 1.1% and the services sector increased 0.3%.

“After having decreased 1.1% month-over-month in June 2021, the Global Economic Activity Indicator grew 0.5% in July 2021. With this advance, it remained at a level similar to that of April 2021 and 2.9% by below its maximum in August 2018, “Inegi president Julio A. Santaella said on Twitter.

The IGAE is a preliminary indicator of different sectors that shows the trend or direction that the Mexican economy will have in the short term.

Faced with the covid-19 pandemic, which accumulates more than 3.6 million cases and more than 274,000 deaths, the fourth largest figure in the world, Mexico suspended non-essential activities in April and May 2020, with a cautious plan of economic reactivation since June.

The Mexican economy plummeted 8.2% in 2020, its worst contraction since the Great Depression of 1932.

Mexico’s gross domestic product (GDP) grew 2.1% in 2018, but contracted 0.3% in 2019.

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