Friday, June 14, 2024

Preliminary growth numbers show 20.6% increase in April

The economy bounced 20.6% in April compared to the same month last year, according to preliminary estimates by the National Institute of Statistics and Geography (Inegi).

The rebound would be the highest annual growth for any month on record, and would see the economy break the negative streak of 20 consecutive months of dips.

The hit taken by the economy in April last year due to the arrival of the Covid-19 pandemic and the confinement measures that accompanied it was largely responsible for the extent of the increase.

Inegi predicts 22.4% growth for April as the most optimistic possible outcome and a worst case scenario of 18.6%.

The statistics body also details secondary and tertiary activities, which would also have a significant growth rate. The industrial sector could see 34.5% annual growth for April, while the services sector could show a recovery of 16.4%.

Gabriela Siller, director of financial analysis at Banco Base, said the historic growth rate is mainly a reflection of last year’s poor results. “It should be remembered that, in April 2020, economic indicators contracted 19.7% in annual terms, so the significant annual growth is mainly due to the low comparison base,” he said.

She added that the outlook is positive for continued growth into the second quarter, driven particularly by the recovery of the service sector, which was one of the most affected by the pandemic.

Source: El Economista (sp)

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