What happened to the Mexican economy? Three major sectors fell in the second quarter.
Mexico City.- The Global Economic Activity Indicator (IGAE) declined last July, mainly due to the contraction of its three major sectors , according to data published by the National Institute of Statistics and Geography (INEGI).
The services sector reported a monthly decline of 0.4% in July, after growing 0.3% in June.
Nine of the 14 activities comprising the sector reported a decline, including: accommodation and food and beverage services, with a monthly drop of 1.3%; recreational, cultural, and sports services, -1.1%; and transportation, postal and warehousing, and scientific and technical services, with a drop of -1.0%.
Likewise, as previously reported, industrial production reported a monthly contraction of 1.2%, due to the slower growth in construction, which fell 1.2%, and manufacturing, which fell 1.6%.
Meanwhile, agricultural activity contracted 3.0% in July, following a stagnation in June and a 3.0% growth in May.
With seasonally adjusted figures, the IGAE fell 1.2% year-on-year at the beginning of the second half of the year. This result is explained by the 12.2% drop in the agricultural sector, as well as the 2.8% decline in industry. In contrast, the services sector registered a 0.4% increase, remaining in positive territory since March 2021.
JRL
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