By sectors, an annual growth of 3.5% is estimated for secondary activities and 1.6% in the tertiary sector, also called services.
At a monthly rate, it is estimated that in February the Global Economic Activity Index increased 0.3% compared to January 2022; with a monthly decrease of 0.2% for secondary activities and an increase of 0.6% for tertiary activities.
An upward trend in the Mexican economy would materialize
For January, the IOAE estimates an annual growth of global economic activity of 1.6% and, for February, a growth of 2.8%.
If these increases are confirmed for the first two months of the year, an upward trend in global economic activity would be consolidating, according to the Deputy Director of Economic Analysis at Monex Grupo Financiero.
?? For January and February, the Timely Indicator of Economic Activity #IOAE estimates in advance an increase in the annual rate of the IGAE of 1.6% and 2.8%, respectively. If materialized, its upward trend would begin to consolidate after the turning point seen on Oct-21 pic.twitter.com/EcIKPgah6y
– Janneth Quiroz Zamora (@Janneth_QuirozZ)
March 22, 2022
“If a similar dynamic occurs in March, it is very likely that the GDP will have a variation of more than 1.0% quarterly and that this will be the largest since the last quarter of 2020. Such a result could lead to upward revisions in the forecasts, although it remains to be seen how the Russian invasion of Ukraine affects the performance of the economy.“, Monex said in a statement.
