The Mexican economy rebounded last July in line with what was initially estimated by the National Institute of Statistics and Geography (Inegi), due to the dynamism of the three major divisions that comprise it.
The Global Indicator of Economic Activity (IGAE) resumed its recovery process in the seventh month of the year with an increase of 0.4% compared to last June, its first increase since April 2022.
Despite the above, the indicator is still 1.5% below the level reached in January 2020before the health crisis, based on seasonally adjusted figures.
Of the three great divisions that comprise the economy, industry is the one that maintains the greatest momentum, reporting a monthly increase of 0.4%with which it links five months in positive territory, managing to be 0.2% above the levels prior to the pandemic.
The services sector also achieved a growth of 0.4% in the seventh month of the yearafter its activity stagnated in June and in May it registered a decline of 0.7%, with which it remains the most lagging segment of the economy, standing 2.1% below the value reached in the first month of 2020.
Finally, the agricultural sector reported the highest monthly increasewith a rise of 0.8% last July, after a fall of 6.0% in June, despite the above, it maintains a recovery of 1.1% compared to the level prior to the pandemic.
In this way, at an annual rate and with seasonally adjusted series, the Global Indicator of Economic Activity advanced 2.2% in July 2022. By large groups of activities, industrial activities grew 3.5%, services, 1.7%, and agriculture fell 2.7%. .
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