Mexican economy would have grown by 2.9% in August

The Mexican economy would have grown 2.9% in August at the interannual rate, according to the preliminary estimate of the indicator published this Tuesday by the National Institute of Statistics and Geography (Inegi).

“In August 2022 and at an annual rate, the Timely Indicator of Economic Activity (IOAE) anticipates an increase in Global Indicator of Economic Activity (IGAE) of 2.9 percent”detailed the institute.

For the large sectors of activity of the IGAE, an annual increase of 3.1% in secondary activities and 2.6% for the tertiary sector is calculated. Estimates refer to seasonally adjusted figures.

For August 2022, it is estimated that the IGAE did not register a variation compared to July of the same year. When considering the main large sectors of activity of the IGAE, a monthly decrease of 0.1% is calculated for secondary activities and no change for tertiary activities.

The Timely Indicator of Economic Activity (IOAE) estimates in advance the performance of the economy before the publication of the IGAE general index, a reference of the Gross Domestic Product (GDP) monthly.

Next Thursday, September 22, the inflation will be announced with a cutoff to the first fortnight of September.

Inflation in Mexico stood at 8.70% at the end of August. This is the highest figure since December 2000 and higher than expected by the markets.

For the first half of September, the market estimates that the country’s general inflation would have paused its escalation, although it would still be well above the official target, keeping intact the expectations that the central bank will continue to raise your key rateshowed on Monday a survey of Reuters.

The median of the projections of 17 participants threw a year-on-year rate of 8.71% for the National Consumer Price Index (INPC).

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