Investing.com – In October, Mexico’s economy snapped its six-month streak of growth, so expectations for a stellar year-end are modest.
This morning, the National Institute of Statistics and Geography (INEGI) (IGAE) reported a fall of 0.1% in the monthly rate and with seasonally adjusted figures.
The last time the Mexican economy showed contraction in its monthly record was March 2023, when the IGAE reported a contraction of 0.20%.
According to components, in the tenth month of the year and with seasonally adjusted figures, tertiary activities fell by 0.5%; INEGI reports that secondary schools increased by 0.6% and primary schools by 1.6%.
“The contraction in October is surprising as the Exact Indicator of Economic Activity (IOAE) expects a monthly growth of 0.08%. Considering the IGAE’s contraction in October, IOAE forecasts 0.37% monthly growth in November and assuming no growth in December, GDP for the fourth quarter is 0.69% quarter-on-quarter and 3.30% annually. % will grow. The above will mean a GDP growth of 3.38% throughout 2024,” expects Gabriela Siller Bagaza, Director of Economic and Financial Analysis at the Grupo Financiero platform.
On an annual basis and with seasonally adjusted figures, IGAE grew by 3.5%, while primary measures increased by 5.8%; Secondary schools rose by 5.2% and tertiary schools by 2.5%.
Annual growth came in at 4.2%, up from 3.1% in September, putting the Mexican economy on pace for 3.5% growth in the first 10 months of the year.
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