MENAFN– The Rio Times reports that Mexico’s economy fell in August, according to the National Institute of Statistics and Geography (INEGI).
The Global Indicator of Economic Activity (IGAE) showed a 0.3% decline from July to August, matching previous forecasts. This decline marks the third month of economic contraction in 2024, following drops in January and April of 0.7% each.
Yearly growth also slowed to 1% in August, down from 2% in July, largely due to drops in the primary sector (agriculture and fishing, down 9.1%) and the industrial sector (down 0.5%). However, the services sector grew by 0.3%.
Various institutions have lowered their growth projections for Mexico. The International Monetary Fund cut its forecast from 2.2% to 1.5%, and the Citibanamex Survey now predicts 1.5%, down from 1.7%. In contrast, the Ministry of Finance expects a 3% growth for 2024, indicating uncertainty in the economic outlook as the country faces ongoing challenges.
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