According to the Timely Indicator of Economic Activity, Mexico’s economic activity grew 0.2% compared to May and 4% compared to June 2022, said the National Institute of Statistics and Geography (Inegi).
“The economy of our country is growing. This is very important because there is no stagnation,” President Andrés Manuel López Obrador commented in the morning conference this Thursday.
He added that the Mexican economy has already recovered the fall it had due to the coronavirus pandemic. “The experts predicted that the recovery was going to be like an ‘L’, that we fell and we were going to stay low for a long time. (We) said it was going to be a ‘V’.”
The president attributed the recovery to the fact that in this crisis the government’s support was for those who have less, since no debt was contracted.
With these results, Mexico’s economy would have grown at a quarterly rate of 1.09% and an annual rate of 3.65%, assuming the IOAE estimates for May-June, said Gabriela Siller, director of economic analysis at Banco Base.
The specialist added that, if the annual growth estimate for June materializes, it would be the largest expansion since October 2022.
The expected annual variation in secondary activities is 2.8% and in tertiary activities, 4.3%, for June 2023.