Mexico’s Economic Activity Grows 0.50%

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MEXICO CITY – Mexico’s Global Economic Activity Index (IGAE) rose 0.50 percent in April, compared to the same month last year, thanks to strength in the agricultural and service sectors, the National Statistics Institute (INEGI) said on Tuesday.

The primary sector of the economy grew by 1.3 percent, while the secondary sector contracted by 0.60 percent and the tertiary sector expanded 1.1 percent, the INEGI said in a statement.

The IGAE grew 1.25 percent in April, compared to March, on a seasonally adjusted basis, thanks to a rise of 1.09 percent in the service sector and an increase of 0.64 percent in the industrial sector.

The agricultural sector was unchanged during the month, the INEGI said.

The IGAE is a preliminary short-term indicator of economic trends in the country since it does not include all the economic sectors used in calculating the gross domestic product (GDP).

Mexico’s GDP grew 1.1 percent in 2013 and the official forecast is for 2.7 percent GDP growth this year.