It is the second drop in the Global Economic Activity Indicator in the last 12 months and the most pronounced, since in June 2022 it was close to 0.3%. In addition, it exceeded the timely projection of the Inegi, which calculated a decline of 0.1% in November, instead of the 0.5% of the revised figures.
At an annual rate, the IGAE increased 3.5% in real terms. By large groups of activities, primary activities increased 6.5%; tertiary, 3.3% and secondary, 2.9 percent.
With these results, Mexico’s economic activity moved further away from a full recovery from pre-pandemic levels. It should be remembered that in October, the IGAE remained stagnant, for which reason it would be two consecutive months without growth.
In addition, the Timely Indicator of Economic Activity estimates a monthly drop of 0.4% in December, therefore, Monex estimates that “the probabilities that GDP growth has exceeded 3.00% are now quite limited and instead we expect a variation of 2.80% in all of 2022”.
