Economic activity declines in August due to a drop in primary activities

Within primary activities, agriculture registered a decrease of 5.7% and animal husbandry and exploitation grew 3% at a monthly rate.

With the August data, Citibanamex explained in an analysis note, “the accumulated growth of the IGAE in the first 8 months of the year (1.9%) is well below that registered in the same period of 2023 (3.4%), which which illustrates the weakening of productive activity observed since the end of 2023.”

“Despite the drop in August and considering the timely information as of September a drop of 0.1% at a monthly rate), the performance of the third quarter as a whole would be slightly better than anticipated a few weeks ago. “We now estimate a seasonally adjusted growth of 0.8% for GDP in the third quarter (previously 0.5%),” Citibanamex added.

At an annual rate and in real terms, economic activity increased 1%. By sector, tertiary activities rose 2.2%, while secondary and primary activities registered decreases of 0.3% and 2.1%, respectively.

The IGAE allows us to know and monitor the evolution of the real sector of the economy in the short term, explained the Inegi.