Inegi reports increase in industrial activity in Mexico
Mexico's industrial activity index grew 2 percent per month in October, which meant a boost after the 0.6 percent advance in September, according to data released by the National Institute of Geography and Statistics (Inegi).
The reported growth of industrial activity in Mexico of 2 percent in October was mainly due to the construction sector.
The improvement was mainly due to the impact of the construction sector, which has an impact on almost all industrial branches, which if it contracted 5.1 percent in September, grew 3.6 percent in October.
Another line that improved was that of utilities (electricity, gas, and water), which erased the 2.6 percent decline in September and registered an advance of 1.8 percent in October.
Mining, on the other hand, grew by 1 percent after advancing 0.3 percent the previous month, and manufacturing grew by 1.8 percent after advancing 2.1 percent.
#EIMM mining-metallurgical production increased 6.6% m/m in October 2020 to sustain a slight upward trend; in annual terms, it is 9.4% above October 2019. pic.twitter.com/XxszLzoPPV
- July A. Santaella (@SantaellaJulio) December 14, 2020
In its year-on-year comparison, industrial activity decreased 3.1 percent in October, a contraction that was less than the 7.2 percent observed in September. Between January and October, the contraction is 11.3 percent.
Julio Santaella, president of Inegi, highlighted on his Twitter account that with October's results, industrial activity continued to close the gap with respect to its pre-pandemic levels of COVID-19.
In April and May, industrial activity bottomed out as it fell sharply due to confinement. Although it began to grow in June, since August the behavior has been moderate.