Worse-than-expected slowdown for the Mexican economy

The Mexican economy slowed down during November. The Global Indicator of Economic Activity (IGAE) registered a decrease of 0.45 percent, compared to October, the month in which it stagnated, according to the National Institute of Statistics and Geography (Inegi).

The drop in the data was higher than the Timely Indicator of Economic Activity (IOAE) which expected a contraction of 0.13 percent per month, according to seasonally adjusted figures.

“With the monthly drop reported in November and the stagnation registered the previous month, the IGAE trend becomes slightly negative. With this, the difference to reach the previous maximum increases from -0.5% to -1.0%,” Monex’s deputy director of economic analysis, Janneth Quiroz, wrote on her Twitter account.

The IGAE data show that in November tertiary or service activities dragged down all activity, being the only ones with a monthly decline. This item had a decrease of 0.94 percent and linked two months with negative data, similar to what happened in May and June 2022.

According to the IOAE, the contraction of services would be 0.26 percent.

Within the nine tertiary activities, six had monthly falls; the deepest occurred in temporary accommodation services and food and beverage preparation with 1.76 percent, followed by wholesale trade with 1.42 percent.

In secondary activities, there was a slight advance of 0.02 percent monthly in November, better than the estimated contraction of 0.07 percent of the IOAE.

Of the four sectors that make up the secondary sector, monthly falls were observed in two: mining with 0.45 percent, and manufacturing, with 0.49 percent, which represented its steepest decline since September 2021.

While primary activities saw a monthly rebound of 5.31 percent last November, its strongest data since March of the same year.

In annual terms, the IGAE had a rebound of 3.46 percent in November 2022, its weakest advance since July of the same year.

The primaries grew 6.54 percent; tertiary, 3.33 percent, and secondary, 2.94 percent.

Subscribe here for just .08 cents per day to read subscriber content, join the PVDN newsletter, and browse with site ad-free. Support local news.

Trending news on PVDN

  • Puerto Vallarta Malecón will be repaired due to damage caused by high waves In a regular session of the Tourism and Economic Development Commission in cooperation with the Environment and Public Services Commissions, the opinion derived from a building agreement initiative was approved this Wednesday to carry out the repair of the Puerto Vallarta Malecón, due to the damage it suffered as a result of the high waves.…
  • Crocodile captured in Puerto Vallarta at Parque Lineal Elements of the Municipal Government’s Environment Department captured an adult crocodile approximately 2.63 meters long, in Linear Park, near the Ex Haciendas del Pitillal, this Wednesday. The specimen is marked with the number 530 and was relocated to the El Salado estuary. This happens in the commemoration of the Day of the Biologist, professionals who…
  • Puerto Vallarta recognizes heroic action of policeman who saved tourist from drowning Officer Alejandro Abarca Álvarez, a tourist area policeman, who on January 15 saved the life of a tourist from Guadalajara after being swept away by ocean currents, was recognized for his heroic actions. The rescue was registered at around 5:00 pm at Camarones Beach next to the Rosita Hotel and according to the report of…
  • Kim Kuzma and Band in Dinner & A Show at Coco’s Kitchen Jan 27th Coco’s Kitchen in Vallarta’s Zona Romantica will present a special ‘Dinner & Show with Kim Kuzma’ every other Friday evening this season. The next performance happens on Friday, January 27th. Come and enjoy a beautiful evening of Acoustico-Style Music with Kim Kuzma and the band along with a fabulous 3-course dinner, created by Coco herself.…
  • At least 28,900 people fled their homes in Mexico in 2021 forced by violence In April 2021, 204 people fled their homes in the municipality of Cotija, in Michoacán, after members of a criminal group broke into their homes and threatened them with rifles and grenade launchers. The number of displaced persons in the State continued to increase that year and by December there were already more than 13,500.…
Puerto Vallarta News

Compare Listings

Title Price Status Type Area Purpose Bedrooms Bathrooms
error: Please contact PVDN if you wish to reprint something from this website