After three consecutive months of growth, the Mexican economy contracted in August and slowed down compared to the same month in 2023, due to the collapse of agricultural and industrial activity, figures from the National Institute of Statistics and Geography (Inegi) revealed.
The Inegi estimated that the global indicator of economic activity (IGAE), a monthly indicator of the national gross domestic product (GDP), fell 0.30 percent in August compared to July, when it reported an advance of 0.6 percent monthly.
Primary activities (agriculture, livestock and fishing) sank 9.1 percent monthly in August, after the previous month they shot up 11.6 percent monthly; while the tertiary sector (services and commerce) advanced 0.3 percent monthly, the fourth consecutive growth. Meanwhile, the industry (the secondary sector) fell 0.5 percent, after three consecutive monthly growths.
In its annual measurement, and with seasonally adjusted figures, the IGAE showed a growth of one percent in August, which showed a relevant slowdown, after the 2 percent monthly advance in July. Thus, it is the lowest annual growth since last April.
According to data from Inegi, the primary sector fell 2.1 percent in August compared to the same month in 2023. The above, after the previous reading of a growth of 12.5 percent annually. Meanwhile, services grew 2.2 percent annually and the industry fell 0.3 percent in the eighth month of the year compared to the same month last year.
August pointed to lower performance in secondary activities, but with slight pressures in the service sector, and the collapse of all agricultural activity.
The lack of dynamism in the economy has caused various institutions and organizations to revise downward their gross domestic product (GDP) growth projections for this year and for 2025.
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