*Mexico’s economic activity increased by 1.6% year-on-year in May, driven primarily by the services sector, the national statistics institute (Inegi) has announced. The increase in Inegi’s global indicator of economic activity (IGAE) is due to annual growth in the tertiary (services) sector (2.3%) and secondary (manufacturing) sector (0.6%), offset by a decline in the primary (agricultural) sector (-1.8%). On a monthly basis, the IGAE increased by 0.7% in May. The agricultural sector grew by 0.4%, the manufacturing sector by 0.7%, and the services sector by 0.8%. This follows yearly growth of 0.9% in April, when economic activity dropped by 0.6% in monthly terms. Cumulatively, the economic activity in Mexico saw a 2.3% year-on-year increase in the first five months of 2024.
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