According to the Global Indicator of Economic Activity (IGAE), this advance was mainly driven by tertiary activities, which integrate trade and services.

During April 2024, economic activity in Mexico registered an advance of 0.9% compared to the same month of the previous year. This growth was driven mainly by the dynamism in tertiary activities.

The Global Indicator of Economic Activity (IGAE) allows monitoring the evolution of the real sector of the economy in the short term in a timely manner, because GDP is measured only quarterly.

In this fourth month of the year, it was observed that tertiary activities - commerce and services - registered an interannual expansion of 1.3%, while secondary activities - manufacturing industry, construction, mining and electrical transformation - recorded an increase of 0.6%.

For their part, primary activities – which include agriculture, livestock, hunting, fishing and forestry – were the only ones that showed a decline compared to last year. Economic activity in this sector fell 1%.

IGAE declines in immediate comparison

In its monthly comparison, it was observed that economic activity in Mexico fell between March and April 2024. The IGAE registered a contraction of 0.6%.

In this period, falls were recorded in the economic activity of the three large productive sectors. In primary activities the drop was 2.5%, in secondary activities it was 0.5% and in tertiary activities it was 0.6%.

Despite the monthly setback reflected by the IGAE, Mexico is expected to close 2024 in positive territory. GDP growth projections range from 2% to 2.4%, according to different organizations and financial institutions.