Mexico’s economy displayed a slight upturn in November 2024, according to the National Institute of Statistics and Geography (INEGI). The Global Indicator of Economic Activity (IGAE) rose by 0.4% compared to the previous month.
This growth revealed mixed results across the main sectors of the national economy. Primary activities, including agriculture and fishing, declined by 1.4%. Secondary activities, encompassing manufacturing and construction, grew by a mere 0.1%.
The tertiary sector, covering services and commerce, showed the strongest performance with a 0.5% increase. Year-over-year comparisons paint a more positive picture.
In November 2024, economic activity was 0.9% higher than the same month in the previous year. This annual growth suggests a gradual recovery from earlier economic challenges.
Despite this upturn, the second half of 2024 recorded modest overall dynamism. Financial institutions and international organizations project Mexico‘s economy to grow between 1.3% and 1.6% by year-end.
The mixed performance across sectors highlights the need for targeted economic policies. These should aim to stimulate growth in underperforming areas while maintaining momentum in stronger sectors.
Balancing these efforts will be crucial for achieving sustainable economic growth in Mexico. This moderate growth forecast reflects ongoing economic uncertainties.
The Mexican economy faces both domestic and global challenges that may impact its performance. However, the slight recovery in November provides hope for improved economic conditions in the coming months.
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