While industrial activities remained unchanged compared to May, those in the services sector contracted 0.1%, preliminary data reveal on the behavior of the country's economy in June.
The Mexican economy would put on the brakes in June, after a first half of the year where a cooling was observed, according to information released by the National Institute of Statistics and Geography (Inegi).
In June, the Timely Indicator of Economic Activity (IOAE) did not show any variation compared to the previous month. The above occurred in the face of stagnation in secondary activities, which encompass industries.
Meanwhile, the tertiary sector, where services are found, would show a monthly contraction of 0.1%.
"The growth of the IGAE and the IOAE indicate that in the second quarter the GDP showed a quarterly growth of 0.12% and an annual growth of 1.21% according to seasonally adjusted figures," said Gabriela Siller, director of Economic and Financial Analysis of Banco Base.
In this sense, he indicated that economic activity would grow 1.6% throughout the year, which would be a considerable slowdown compared to the growth reported last year.
This figure would be much lower than that estimated by the Ministry of Finance and Public Credit (SHCP), headed by Rogelio Ramírez de la O, which estimates GDP growth of 3.0% for this year.
A few days ago, the International Monetary Fund (IMF) scissored the growth estimate for Mexico, thus joining other institutions and organizations that have done the same in recent weeks.
Now, the IMF expects the Mexican economy to grow 2.2% this year, up from its previous projection of 2.4 percent.
“We have revised the forecast for this year slightly downward, which results from comparing it with the strong growth of last year, when there was a lot of non-resident investment in construction, as well as a significant expansion of manufacturing activity driven by the United States. ”, indicated Petya Koeva Brooks, deputy director of the IMF Research Department.
Meanwhile, the consensus made by FocusEconomics also shows a downward update of 2.2 to 2.1% for this year.
