The Global Indicator of Economic Activity (IGAE) advanced 0.4% compared to the previous month, showing mixed results among the three major sectors of the Mexican economy.

Economic activity in Mexico recovered slightly during November 2024, showing growth above the timely estimate of Inegi (National Institute of Statistics and Geography).

The Global Indicator of Economic Activity (IGAE) advanced 0.4% compared to the previous month, showing mixed results among the three major sectors of the national economy.

In this penultimate month of 2024, primary activities were those that showed the lowest dynamism with a fall of 1.4% compared to the previous month.

This reflects that agriculture, livestock, fishing, hunting and forestry reduced their economic production.

Secondary activities, on the other hand, barely reached positive territory, with a modest growth of 0.1 percent. This sector includes all manufacturing industries, construction and mining.

The best performance was reported in tertiary activities, which advanced 0.5% in this period.

The performance of the service sector and trade are fundamental to Mexico's overall economy; they contribute nearly 65% of the national GDP.

In its year-on-year comparison, the IGAE and its components did show significant growth. In November 2024, economic activity was 0.9% higher compared to the same month last year.

PROJECTIONS

Despite the rebound in economic activity in the penultimate month of the year, the second half of 2024 saw modest growth.

Financial institutions and international organizations project that the Mexican economy will grow between 1.3 and 1.6% by the end of 2024.