The economic activity reported a drop of 0.6% at a monthly rate during April 2024y barely 0.9% growth in its annual comparisonwhich surprised the consensus of private analysts, since the monthly decrease was greater than anticipated.
According to the data of the Global Indicator of Economic Activity (IGAE)from Inegiconsidered as an approximation of the GDPthe economy fell 0.6% at a monthly ratedue to a 2.5% decrease in primary or agricultural activities; secondary or industrial by 0.5% and tertiary or services with a drop of 0.6 percent in the month.
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At annual rate and with seasonally adjusted series, the IGAE grew 0.9% in real terms. By large groups of activities, services increased 1.3% and secondary or industrial activities 0.6 percent; while the agricultural sector fell 1.0 percent.
Los Analysts expected it to register a decrease of 0.3% in monthly terms and a growth of 2.1% in annual terms.
Economic activity in April surprised to the downside due to a weaker performance of services than we anticipated. Decreases were recorded in most activities, highlighting those recorded in commerce, mass media information, manufacturing and agriculture, which were only partially offset by growth in activities such as construction, business support services and leisure services,” Citibanamex analysts recognized.
THE GOOD AND THE BAD
In it accumulated from the first four months of the year, the IGAE recorded a growth of 1.96% Compared to the same period of the previous year.
The increase during the first four months of the year is associated with the good performance of the construction and wholesale trade sector. On the other hand, less dynamism was observed derived from a decrease in mining and leisure services,” commented Valmex analysts.
For experts from the Banorte financial groupalthough the results are negativelas Timely figures for May and June have been more positivesupporting a vision of an acceleration in the second quarter of the year.
We see favorable points for both industry and services. However, the outlook for the second half remains more challenging, with some of the drivers now in play likely showing some exhaustion or, at best, moderation,” the experts explained.
They warned that the deceleration will be more marked in the third quarteranticipating a marginal improvement towards the end of the year.
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2024-06-22 19:57:19