The Mexican economy registered an advance of 0.7% in the second quarter of the year, with seasonality adjusted figures, according to the timely estimate of the National Institute of Statistics and Geography (INEGI).
Institute’s information allows you to identify the behavior of the activity according to the component of the Gross Domestic Product (GDP).
Thus, organized depending on the dynamism recorded in the period from April to June, we have secondary activities with a performance of 0.8%, compared to that observed in the previous quarter.
Here are four activities that provide 34.3% of the national GDP: Mining; generation, transmission, distribution and marketing of electricity; Water and natural gas supply to the final consumer; construction and manufacturing industries.
Then the tertiary activities were located, with a quarterly advance of 0.7% compared to the first quarter of the year.
In this group there are 15 economic activities where services and trade predominate and which together provide 61.8% of the general GDP.
In the background, with the lowest, even negative behavior in the quarter, the primary activities were left with a contraction of 1.3% with respect to the first quarter of the year.
In this segment are the activities of agriculture, breeding and exploitation of animals, forest use, fishing and hunting, whose weight in national GDP is 3.9 percent.
Annual registration surprises
If we take the INEGI information from the annual record, this is from the second quarter of 2024 compared to the same period of this year, we see that the economy reached a 1.2% growth with unstacted figures.
When Inegi talks about unstacted figures, it refers to the evolution of the indicator discounting seasonal or calendar factors such as Holy Week, some bridge or holiday such as Christmas.
Far from the recession
If the final GDP data, which will be announced on August 20, confirms this estimated annual growth figure, two consecutive progress quarters will have been spun, with 0.7% annual reached in the first quarter of the year 2025.
In this way, the economy will be moving away from the zero growth and the technical recession understood as the registration of two consecutive trimesters in contraction, as they feared analysts, including international organizations.
In addition, the economy would have observed a better performance from the expected market, which was 0.8% annual growth.
The timely information of INEGI states that primary activities, where agriculture and livestock highlights the most dynamic in this annual reading with a growth of 4.5 percent.
The tertiary, services and commerce are followed in dynamism with an advance of 1.7 percent.
And at the bottom of the performance of the industry’s high schools, with a fall of 0.2 percent also to 12 months.
This fall results from the high base of comparison, since in the first quarter, they were the growth engine, said from London, the senior economist for Latin America in the Pantheon Macroeconomics consulting, Andrés Abadía.
Between the two lowest semiannual growth rates
The timely information of INEGI shows that the GDP of the first semester recorded an expansion of 0.9% with respect to the same period of 2024.
In the period that runs from January to June last year, economic activity reached 1.4% with respect to the same period of 2023.
When comparing this performance with the one observed in each first half of the year since 2019, it remains as one of the less dynamics, explained the director of Economic Analysis of Banco Base, Gabriela Siller.
In each of the first semesters for six years, only those of Pandemia and 2019, had a negative behavior.
So in order to compare them in the same conditions, if we eliminate the contraction of 11.30% reached in the atypical year of the pandemic and the great confinement to avoid contagions, the first semester of 2025 was the second least dynamic.
The undisputed less dynamic performance leadership was that of 2019, the first year of Andrés Manuel Lopez Obrador, when he registered a contraction of 0.05 percent.
