In February, economic activity experienced a monthly rebound, marking the largest expansion recorded since September 2020, according to information released by INEGI.

In February, economic activity reported a monthly upturn, representing the largest expansion recorded since September 2020, according to information released by the National Institute of Statistics and Geography (INEGI).

In the second month of the year, the Monthly Indicator of Economic Activity (IGAE) showed a monthly variation of 1.4%, signaling a rebound after a 0.9% contraction in January.

The expansion observed in February is the highest recorded since September 2020, when the economy grew by 2.7%.

The publication of the IGAE for February continues to depict a complex outlook for Mexico’s GDP growth in the first quarter. Despite observing a monthly growth of 1.4%, the monthly contraction in February was revised downward from 0.6% to 0.9%.

In this regard, and with a projected monthly growth of 0.2% for March, INEGI calculated that the GDP for the first quarter would show a quarterly contraction of 0.13%, and an annual growth of 1.84%, the lowest since January 2021.

On a yearly basis, the IGAE showed an increase of 2.6%.

Within the INEGI report, on a monthly basis, the highest growth was seen in primary activities, which include sectors such as fishing, hunting, livestock, and similar. The expansion was 16.5% monthly.

On the other hand, tertiary activities (services) showed a monthly growth of 1.2%, while the secondary sector, which encompasses industries and manufacturing, experienced a contraction of 0.1%