Economic activity in Mexico grows 5% at an annual rate in October: IOAE

In the reference month and for the large sectors of activity of the Global Indicator of Economic Activity (IGAE), an annual increase of 3.5% is calculated in secondary activities and 5.6% in tertiary activities. With seasonally adjusted figures.

For October 2022, the IOAE estimates that the IGAE increased 0.1% compared to September of the same year. When considering the main large sectors of activity of the IGAE, a monthly variation of 0.1% is calculated for secondary and tertiary activities.

Mexico’s economic activity grew in August for the second consecutive month and reached its best level since September 2019. But the IOAE estimates a monthly growth of just 0.2% during September and 0.1% for October.

The IOAE for September, together with the IGAE data for July and August, is consistent with quarterly GDP growth of 0.96% in the third quarter, indicated an analysis by Banco Base.