Industrial production in Mexico grows by 3.5% in February

The National Institute of Statistics and Geography (Inegi) reported that industrial production in Mexico increased by 3.5% year-on-year in February, driven by mining.

All sectors experienced an increase: mining (7.9%), electricity generation, transmission and distribution, water and gas supply (4.9%), construction (3%), and manufacturing (2.4%).

Thus, in the first two months of 2023, Mexico’s industrial production grew by 3.1% year-on-year.

This is due to increases in electricity generation and water and gas supply (4.7%), manufacturing (3.6%), construction (2.8%), and mining (1.5%). On the other hand, the monthly indicator of industrial activity (IMAI) grew 0.7% in real terms and with seasonally adjusted figures, in February compared to the previous month.

This was due to monthly advances in mining (4.1%) and electricity generation, and water and gas supply (0.3%).

In contrast, there were monthly declines in manufacturing (-0.5%) and construction (-0.2%).

The figures reflect the behavior of Mexico’s economy, which grew by 3.1% annually in 2022.